Accounting and Auditing

  Today’s businesses face unprecedented uncertainty — from geopolitical risks and cyberthreats to tax and regulatory reforms. So, management’s historical means of addressing uncertainty in accounting estimates may not pass muster in the coming audit season. Accounting for uncertainty Some financial statement items are relatively cut-and-dried. But others...

  A new accounting standard goes into effect starting in 2018 for churches, charities and other not-for-profit entities. Here’s a summary of the major changes. Net asset classifications The existing rules require nonprofit organizations to classify their net assets as either unrestricted, temporarily restricted or permanently restricted. But...