- Baker Tilly specialists discuss key changes to grant administrative requirements, cost circulars, and audit requirements affecting federally-funded organizations.
- The 2013 Fall NAIC meeting concluded on December 18, 2013 in Washington, DC. A number of substantive and non-substantive agenda items, including various committee meeting summaries were addressed. Key technical accounting updates were discussed during the Statutory Accounting Principles Working Group and the Emerging Accounting Issues Working Group.
- 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.).
- The Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2013-12, Definition of a Public Business Entity (ASU 2013-12) in December 2013. This update provides a single definition of public business entity for use in future financial accounting and reporting guidance. Distinctions about which not-for-profit entities (NFPs) would receive financial accounting and reporting alternatives within US GAAP typically have been made on the basis of whether an NFP has public debt securities, including conduit debt.
- On December 18, 2013, the Securities and Exchange Commission voted to propose rules intended to increase access to capital for smaller companies. The SEC’s proposal would build upon Regulation A, which is an existing exemption from registration for small offerings of securities up to $5 million within a 12-month period.
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