Nonprofit & Government Times, Q3 2018

Nonprofit & Government Times

THIRD QUARTER, 2018

IN THIS ISSUE

6

Out with the Old and In with the New Financial Reporting Standards for Nonprofits

The Care Coordination Model:

A Path to MANAGED CARE Joseph Kanjamala 9 INTERNAL CONTROL

CONSIDERATIONS for Automated Systems in Nonprofit Accounting Matthew Estersohn 11 Guest Perspective: SENSITIVE DATA SECURITY Charly Shugg 14 Government Update: Changes to GOVERNMENTAL FUND ACCOUNTING are on the Horizon Warren Ruppel 16 Government Update: GASB Issues Statement Providing Clarity on IN-SUBSTANCE DEFEASANCE OF DEBT Melissa Szot 19 Meet the MARKS PANETH TEAM

JOHN D’AMICO, CPA DIRECTOR, PROFESSIONAL STANDARDS GROUP

I t has now been twenty-five years since the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 117, Financial Statements for Not-for-Profit Organizations . At the time, this standard introduced significant changes to the way nonprofits reported their financial results by requiring them to report by net asset classes rather than fund accounting. Though the SFAS 117 financial reporting model has been used by all nonprofits since its release, it has lately become evident that improve- ments were needed for the current net asset classifications, the liquidity and availability of resources, inconsistencies in financial reporting and better comparability among nonprofit organizations. As a result, FASB has issued Accounting Standards Update (ASU) 2016-14, Presentation of

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