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In this Issue: April 2017

This month's issue marks our annual focus on issues of interest to governments and not-for-profit entities. A lot has been happening in the sector, as new accounting standards present implementation challenges and the fiscal environment leaves administrators and managers little room for error.

ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, contains changes that will dramatically change how nonprofits communicate with stakeholders. Travis Carey and Robert A. Dyson walk through how the standard affects the presentation of an organization's financial statements, particularly liquidity and the availability of resources, financial performance, and cash flow. The new revenue recognition standard will affect all entities, and it presents unique complexities for NFPs. Richard Turpen focuses on the key concerns that need to be addressed before the effective date. The broader management challenges facing NFP CFOs have made the job tougher than ever. Amy West and Ronald Ries describe how the CFO's role has changed and what individuals need to do to succeed in it.

Government accounting and reporting issues are inevitably affected by political considerations. Recent GASB guidance has made the looming crisis in public pension funding more apparent to the public. Craig Foltin, Dale Flesher, Gary Previts, and Mary Stone review some of the approaches different governments have taken to improving their plans and reporting, offering their own suggested solutions. Bill Bergman is more critical of how governments report their results and defer their accountability. He suggests that new leadership, held accountable by taxpayers, is what's needed.

This month also features an interview with U.S. Comptroller General Gene L. Dodaro conducted by Donald Tidrick. Their conversation covers Dodaro's weighty responsibilities leading the chief auditor of the federal government within a politically charged environment.

 

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