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News

The Trusted Professional | NYSSCPA

 
 

Accounting

  • Pending FASB guidance raises questions about operations

    By:
    CHRIS GAETANO
    |
    Feb 19, 2014
    As part of a wide-ranging effort to improve how nonprofits present their financial statements, the Financial Accounting Standards Board (FASB) has put forth a tentative definition of what counts as nonprofit operations—and, in the process, has raised new questions about how organizations should talk about their assets, speaker Hilda H. Polanco said at the Foundation for Accounting Education’s 36th Annual Nonprofit Organizations Conference on Jan. 16. 

  • Comptroller Affirms NFP Rights, Responsibilities at FAE Event

    By:
    CHRIS GAETANO
    |
    Feb 4, 2014
    During a talk at the Foundation for Accounting Education’s Exempt Organizations Conference on Dec. 4, New York’s acting assistant comptroller Brian Mason emphasized the right of not-for-profit organizations to receive prompt payment and contracts from the state and to be treated as a valuable part of the public service delivery system. However, he said, exempt organizations also have a responsibility to ensure that the public monies they receive are properly accounted for—and the state has been cracking down on groups that don’t hold up their end.

  • New York looks to change debt collections

    By:
    RICHARD J. KORETO
    |
    Jan 28, 2014
    CPAs may be able to give clients facing debt collectors some good news, if New York state’s Department of Financial Services (DFS) gets its way. The state court system recently put out a proposal to require standardized affidavits in consumer credit actions seeking default judgments. DFS Superintendent Benjamin M. Lawsky responded with a comment letter supporting that change—and making additional debtor-rights suggestions, both in litigation situations and in prelitigation.

  • FAE Nonprofit Speakers: Learn How to Work with New Compensation Rules

    By:
    CHRIS GAETANO
    |
    Jan 28, 2014
    It’s been more than six months since Gov. Cuomo’s Executive Order 38 (EO38), which changed how the state’s nonprofits can allocate certain resources, took effect, and for some organizations, grappling with the regulation has been a challenge.

  • Luigi Zingales, director of the PCAOB’s Center for Economic Analysis

    By:
    CHRIS GAETANO
    |
    Jan 23, 2014
    In November, the Public Company Accounting Oversight Board (PCAOB) announced that it had created a new Center for Economic Analysis and selected economist Luigi Zingales as the founding director. Zingales, a professor at the University of Chicago, is a faculty research fellow for the National Bureau of Economic Research, a research fellow for the Center for Economic Policy Research and a fellow of the European Corporate Governance Institute. 
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