This blog will cover the second phase of the International Non-Profit Accounting Guidance by looking at Exposure Draft 2 and its proposed guidance for nonprofits. The goal of the INPAG project is create a global nonprofit financial reporting framework. ED2 focuses on providing guidance that amends current IFRS for SMEs which will serve as the base of the new guidance. The ifr4npo website has great explainer videos that details the proposals. Comments are due March 15, 2024.
On October 5, the Office of Management and Budget proposed changes to the Uniform Guidance. One of the most noteworthy changes is a proposal to increase the Single Audit threshold to $1m. There are also changes proposed to the title of 2 CFR 200 as well as changes to various sections. Comments are due December 4, 2023.
On Friday May 19, the Office of Management & Budget issued the 2023 Compliance Supplement. This blog will review the largest changes of the various parts of the Supplement. The new Supplement is effective starting with our June 30, 2023 year ends.
Taking a big first step towards a global nonprofit accounting framework, IFR4NPO has issued the first of 3 expected exposure drafts for public comment. The exposure draft addresses scope and basic framing for the development of a new global framework for nonprofit organizations. Comments are due March 31.
GLS is very excited about the recent roll out by the Financial Accounting Foundation (FAF) of its free (and enhanced) access to the FASB Codification and the GASB’s Governmental Accounting Research System. This makes accessing and researching accounting more accessible especially for smaller entities to comply with the standards. The fact that it is free will help reduce barriers to entities following GAAP. We are excited to see the impact this change will have on smaller organizations!
GAO has issued a proposed update to GAGAS. The main changes include, similar to the AICPA, a movement to quality management and a more risk based approach to quality and quality reviews. They also provide application guidance around key audit matters. Comments are due by April 28, 2023.