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In this Issue : April 2018

This year's annual issue on governments and nonprofits comes at a busy time for both sectors. Governments continue to face significant fiscal pressure, bringing increasing scrutiny to their reporting practices and leading to different approaches to balance budgets. Nonprofits are still in the midst of implementing new reporting guidance while reckoning with the potentially adverse impact of the recently enacted Tax Cuts and Jobs Act.

A number of articles in our News & Views section detail the impact of the Tax Cuts and Jobs Act. Our continuing series puts a special focus this month on how the TCJA will affect exempt organizations and charitable gifting, and there are also articles looking at the new 20% pass-through deduction, the ‘GILTI’ tax on international income, and estate planning.

Elsewhere in this issue, we revisit the implementation of the new reporting guidance for non-for-profit entities and the changing role of today's not-for-profit CFO. Community-supported businesses represent a relatively new and growing model for individuals trying to foster closer ties between producers and consumers than the typical commercial relationship. And our cover story looks at the complex and challenging practice area of single audits.

On the government side, we cover the accounting guidance for tax abatements and common audit issues for charter schools. Finally, a pair of thought-provoking opinion pieces pose the following tough questions about government accounting standards: Are they misleading users about whether budgets are balanced? Are they fully conveying the scale of accumulated public pension debt? Both authors exhort the profession to remember their responsibility to serve the public interest.

 
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