While the Yellow Book has been around since 1972, it was the 1988 revision of the standards which first established specific hourly CPE requirements for auditors working on Yellow Book engagements. The genesis of the CPE requirements stems from auditing history and experience as much as anything. When auditors leave college, they typically have little […]
Displaying: November 2018
Providing Additional Expense Information under ASU No. 2016-14
As December 31, 2018, draws nigh, not-for-profits are thinking more and more about the implementation of ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. Under ASU No. 2016-14, not-for-profits continue to be required to provide information about expenses by their functional classification either on the statement of activities or in the notes to […]
Retirement Plan Increases for 2019
IRS announced the 2019 COLA adjustments to retirement plan limits on November 1, 2018 in Notice 2018-83. Elective deferrals for 401(k), 403(b), etc. plans rise from $18,500 to $19,000, plus $6,000 for those age 50 or older. The limit on defined contribution accounts increases from $55,000 to $56,000. The definition of a key employee in […]