What’s new in the financial world as it relates to Michigan Associations? Trey Williams, CPA of Maner Costerisan reviews charitable requirements and federal grant recipients. He explains the services of the firm and the differences between audits and reviews.
When asked about the issues that associations need to assure are in place, Trey covered a couple items such as internal controls and the timeliness of financial reports.
The section also covers the issues the Financial Standards Accounting Board (FSAB) is working on that impact not-for-profits and are likely to be released this year. One is the reporting of net assets along with reporting liquidity. Leases will be reflected in financial statements as well.
Listen below to hear the full segement!
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