• Society Gives FASB Input on Financial Instruments and Other Plans

    Chris Gaetano
    Feb 16, 2014
    The NYSSCPA weighed in on several proposals from the Financial Accounting Standards Board (FASB) as part of a recent spate of comment letters. In a letter released on Dec. 19, the Society responded to the FASB proposal, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements,” a measure aimed at reducing the cost and complexity of incremental reporting for development-stage entities, or entities that devote substantially all of their efforts to establishing a new business, and for which planned principal operations have not commenced or have not generated significant revenue. 
  • Nonprofit Revitalization Act Signed

    Jan 14, 2014
    Governor Andrew Cuomo signed the Nonprofit Revitalization Act into law on Dec. 18. The bill, the first major overhaul of the state’s charities laws in more than four decades, was overwhelmingly passed by both the State Senate and Assembly before the legislative session ended in June.