Assurance

GAAP Accounting for Third Party Reimbursements: Contributions vs. Exchange Transactions

U.S. GAAP accounting for Federal government grants might seem straightforward after the adoption of ASU 2018-08–Clarifying The Scope And Accounting…

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Guidance Released for the Government Contractor Vaccine Mandate

President Biden’s Executive Order (EO) 14042 requires Federal Government contractors to implement certain measures designed to combat the COVID-19 pandemic…

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Agency Transactions

According to US GAAP, an agency transaction is a transaction in which the reporting organization acts as an agent, trustee…

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How the New ASC 606 and ASC 340 Guidance Impacts SaaS Companies

ASC 606 and ASC 340 at a glance: Schedule a free consultation to learn more. ASC 606 and ASC 340 –…

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What are Donor-Imposed Conditions?

Donors can impose two different types of stipulations on contributions provided to nonprofits, restrictions and conditions. While donor-imposed restrictions specify…

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Extension of Single Audit Filing Deadlines

On March 19, 2021, the Office of Management and Budget (OMB) released Memorandum M-21-20, Promoting the Public Trust in the…

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Increase in Micropurchase Threshold Available Under Certain Qualifications

Under Uniform Guidance procurement guidelines, there is a concept of a micro-purchase threshold under which price analysis or comparison is…

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The System for Award Management Integration with beta.SAM.gov

The General Services Administration (GSA) has been working to modernize its systems by merging several legacy systems into beta.SAM.gov. The…

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What is the Difference Between a Procurement and a Subrecipient?

For audits under Uniform Guidance, one of the more common errors relates to making the distinctions between procurements through contractors…

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What Should be Included on your SEFA?

Under Uniform Guidance, entities that expend more than $750,000 in federal funds are subject to a single audit. This requires…

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