2016 Accounting, Auditing & Tax Updates for Nonprofit Affordable Housing Developers

Strength Matters' annual accounting, auditing and tax update is a perennial “must read” for our sector's CFOs, COOs and lenders. We discuss several significant accounting and IRS standards that changed in 2016, including:

• Phase 1 of the nonprofit financial reporting standard
• Credit losses for financial instruments (i.e., expected credit losses standard)
• Consolidation guidance for nonprofits
• Debt issuance costs
• Status of Phase 2 of the nonprofit financial reporting standard
• Recognition of grants and contracts by nonprofit entities
• Changes to partnership IRS audit procedures
• New regulations affecting bottom-dollar guarantees