• Understanding the COSO Internal Control-Integrated Framework

    COSO’s Internal Control-Integrated Framework makes it easier to design and evaluate the effectiveness of internal controls. The framework is also used by public companies to assess effectiveness of internal control over external financial reporting (ICEFR) under Sarbanes-Oxley (SOX) section 404.
  • FASB accounting standards offer GAAP relief for private companies

    Since May 2012, the Financial Accounting Standards Board (FASB) has been working with the Private Company Council (PCC) to determine whether alternatives to existing US Generally Accepted Accounting Principles (GAAP) standards are appropriate for private company financial statements. Two new accounting standard updates mark the first concrete steps toward providing relief from burdensome and costly requirements for private companies that need or are required to have financial statements prepared in accordance with GAAP.
  • FASB tentatively decides to add natural expense reporting requirement for all nonprofits including higher education Institutions

    On December 18, the Financial Accounting Standards Board (FASB) continued deliberations and tentatively decided to require all Not-For-Profit (NFP) entities to report expenses by functional and natural classification within their financial statements. Currently, all NFPs are required to report expenses by functional classification, but not by nature (salaries, benefits, repairs, etc.).