On September 27, 2016, the Department of Education released the much anticipated new Audit Guide for proprietary schools and Title IV third party servicers. The newly revised guide will be effective for fiscal years beginning after June 30, 2016 and contains several important changes that impact the 90/10 calculation. The first...
By Joseph A. Repko, CPA There are a few changes being proposed to the Cash Management regulations and the requesting and disbursement of funds we want to highlight. The first proposed change we are highlighting will impact institutions on the Reimbursement Payment method and Heightened Cash Monitoring (HCM). If an institution uses...
By Callie White In April, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03: Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The FASB issued this update as a part of its Simplification Initiative to eliminate what the Board determined to be...
By Norbert F. Dietrich, CPA Have you ever heard of the term pushdown accounting and wondered what it means or how it applies? Well, pushdown accounting is one method of recording a business combination. There is no requirement to adopt, and very little guidance within, U.S. generally accepted accounting principles (U.S.GAAP)...
By Stefanie Wuenscher, CPA On January 9, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The FASB issued this update as part of its Simplification Initiative...
By Kathryn A. Bell, CPA, MBA With the ever increasing regulatory requirements facing for-profit post-secondary schools, the thought of converting to nonprofit status may have crossed your mind. Will becoming a nonprofit ease the burden of regulations? Does it make business sense for your school? Does it make financial sense for...
By Tom Wilson, CPA In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-08 – Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This update applies to all entities. The FASB...
By Norb Dietrich, CPA In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-15 – Disclosure of Uncertainty about an Entity’s Ability to Continue as a Going Concern. Prior to adopting and issuing this update, generally accepted accounting principles (GAAP) did not contain any authoritative guidance as...