Accounting standards are always evolving to improve reporting consistency. As new standards are unveiled, nonprofit auditors can help your nonprofit organization avoid pitfalls and embrace new guidelines. Choosing the right nonprofit auditor can ensure that your nonprofit has successful and stress-free nonprofit audits.
Your Nonprofit Auditor Is Your Accounting Partner
Working with a nonprofit auditor is a partnership. When new accounting standards are released, your auditor will help you face the financial pressures of new rules and regulations by reviewing documents and answering questions. Your auditor will want to take a fresh look at how your organization obtains resources and help you understand how the standards will affect your future nonprofit or single audits.
Does This New Accounting Rule Apply To My Organization?
When a new accounting standard is announced, every nonprofit is concerned with how that rule will affect their organization. Experienced nonprofit auditors understand your nonprofit and its revenue streams and have the expertise to identify which rule will apply to you.
Can Nonprofit Auditors Help Me Apply A New Accounting Standard?
Changes in revenue standards may bring new opportunities for your organization to make adjustments in your operations. Nonprofit auditors can offer limited advice and insight to help you implement the new standard and manage its effects. Your auditor can explain the standards, how it applies to your organization, and how you can meet the guidelines.
Never Miss A Deadline
New accounting rules go into effect at different times for different organizations. If you are unsure if an effective date will apply to your nonprofit, contact your nonprofit auditors. Your auditing team will not only know about the new accounting rules, but they will be able to ensure that your organization is applying them when new standards become effective.
A Complex Transition Requires Expert Assistance
New accounting standards enhance the usefulness of financial statements and transparency for stakeholders. However, there are unique challenges in implementing these standards, and your nonprofit will need expert help preparing for these changes.
Assurance Dimensions nonprofit auditors can complete your audit to the highest quality to help you lead your nonprofit in the right direction. Request an audit quote for your next nonprofit annual audit.
