FASB Accounting Standards Update (ASU) 2014-15 changes the disclosure requirements of the going concern concept for organizations with annual periods ending after December 15, 2016. This new standard makes organizational management responsible for assessing going concern internally. Previously, the U.S. Generally Accepted Accounting Principles’ (GAAP) did not provide set guidance on these requirements and going concern assessments were only required as an audit procedure. This updated standard changes the assessment period; organizations have one year after the financial statements are available or issued, rather than one year after the balance sheet date.
The new FASB update defines a going concern issue …read more
Read more here:: Nonprofit
President Trump’s executive order requiring enhanced enforcement of the Buy American Act (BAA) may be directed at executive agencies, however, it is also applicable to government contractors as well. The executive order requires each agency to assess its compliance with the BAA, especially in the area of waivers, and to develop a plan to maximize its enforcement. It is contractors, not the agencies, who will be subjected to maximum enforcement. Each agency’s current assessment and plans for maximizing enforcement need to be submitted to the Office of Management and Budget by September 15, 2017. Most experts agree that as a …read more
Read more here:: Government Contracting