Miami University FSB Department of Accountancy’s Post

If you are attending the North Carolina Association of CPAs (NCACPA) Not-For-Profit Accounting Conference today, don't miss out on the opportunity to hear J. Calvin Marks speak about alternative investments. Learn about the way in which certain alternative investments may create unrelated business income and the risks these investments may pose. https://ow.ly/WZVo50RR8Lt #NonprofitAccounting #NonprofitTax #JLInsights

This is very true - take a look at your reporting, is it all required? Would other reports be more beneficial? It's common for reports to be made as a sign of work completed or progress made, but if they aren't used, you'd be better off with a checklist. All companies, for profit or nonprofit can benefit from evaluating their financial reports to take a closer look at the time they take to complete and the value they provide. #reporting #nonprofits #finance

This is very true - take a look at your reporting, is it all required? Would other reports be more beneficial? It's common for reports to be made as a sign of work completed or progress made, but if they aren't used, you'd be better off with a checklist. All companies, for profit or nonprofit can benefit from evaluating their financial reports to take a closer look at the time they take to complete and the value they provide. #reporting #nonprofits #finance

I know I have a lot of contacts in the Not-for-profit sector. Come check out this important session. You and I both know running your organization can be complex, done so with limited resources, tight budgets and strict regulations. To overcome these challenges, every organization must have a strong financial accounting software that helps streamline operations and drive success. #audit #accounting #charity #foundation Sikich Lauren Groff, CPA

#CurrentExpectedCreditLoss is an #accounting standard for recognizing impairment losses on #FinancialAssets issued by the . In our latest blog, #SSTCPA is highlighting updates that will impact #Nonprofit and #PrivatelyHeld organizations preparing reports for fiscal periods ending in 2023. https://lnkd.in/gs_ETb69

🔹 New Financial Landscape starting April 1, 2024 🔹 Accounting Standards are the cornerstone of transparent and reliable financial reporting. They ensure consistency, comparability, and reliability in financial statements across businesses. 📝 For entities, there are three critical sets of Accounting Standards: 1. Ind AS for specified companies 🏢 2. AS under Companies Act for other companies 🏛️ 3. AS by ICAI for non-corporate entities 🏠 Here’s what non-corporate entities need to know when adopting ICAI-prescribed Accounting Standards from April 1, 2024: 1. Optional Rounding Off: Decide whether to round off figures based on total income. 💰 2. Commercial Focus: Standards apply exclusively to entities engaged in commercial, industrial, or business activities. Non-profits such as charities, educational institutions, and religious entities are not covered. 🚫 3. Entity Classification: Entities are categorized into Level I, II, III, and IV, each with specific exemptions and relaxations. 📊 4. Effective Date: Prepare for these changes starting April 1, 2024. 📅 5. Recommended Formats: Follow suggested formats for Balance Sheets and Statements of Profit and Loss to enhance clarity in reporting. 📝 6. Comprehensive Reporting: Ensure your financial statements include notes, supplementary schedules, and significant accounting policies as per applicable standards. 🗒️ Stay ahead with robust financial reporting practices! #ICAI #AccountingStandards #FinancialReporting #NonCorporateEntities

Business and finance leaders, here is a guide we have written on how to revolutionize your company or nonprofit through automation⚡ and innovation💡 in your accounting department.   #finance #nonprofit #innovation https://lnkd.in/eqKDwEh4

Business leaders, here’s an innovation guide I’ve written for leaders on transforming your company or nonprofit via automation⚡ and innovation💡 in your accounting operations. #finance #accounting #innovation

Explore the new frontier in non-profit financial management with INPAG – the much-anticipated accounting framework aiming to revolutionize transparency and accountability. #INPAG #NonProfitAccounting #FinancialTransparency #accounting #news #finance https://lnkd.in/e2y7tXJx

🚀 Unlocking Nonprofit Success: Essential Accounting Resources 🚀 Navigating the complexities of nonprofit accounting can be challenging, but leveraging the right resources can make a significant difference. 📊✨ Check out the latest insights from CPA Journal, where BDO and CBIZ MHM highlight key resources and strategies for effective nonprofit accounting. From understanding compliance requirements to optimizing financial management, these expert tips are invaluable for nonprofit organizations striving for transparency and efficiency. 🔹 Explore Best Practices: Learn how to handle accounting for restricted funds, manage audits, and ensure compliance with regulatory requirements. 🔹 Enhance Financial Reporting: Discover tools and techniques for accurate and transparent financial reporting. 🔹 Stay Ahead of Challenges: Get ahead of common pitfalls and maintain financial health in a dynamic environment. #NonprofitAccounting #FinancialManagement #BDO #CBIZMHM #AccountingResources #CPA #NonprofitSuccess