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14 Dec

Going Concern Issues Should be on Your Mind

Going Concern | Spire Group, PC It’s been almost a year since the effective date of that Accounting Standards Update ASU 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. With this updated standard, the responsibility to assess whether substantial doubt exists in […]

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19 Sep

Audits of Nonprofit Organizations: Why conduct one when it is not always required?

Instances When Audits are Required Before we discuss why an organization would want to conduct an audit when one is not required, let’s first talk about some of the instances where an audit may be required for a nonprofit organization: Federal, state, and local governments may request a copy of the organization’s audited financial statements. […]

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21 Jan

Proposed Simplified Fair Value Measurement Disclosures

In an attempt to simplify disclosures and provide financial statement users with only relevant information, the Financial Accounting Standards Board (FASB) is proposing new fair value measurements disclosure requirements to allow preparers to omit immaterial information. FASB is seeking comments by February 29, 2016, on the proposed changes. Under the proposal: Required disclosures will be […]

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