- PrimeWest Health selected Baker Tilly to provide financial statement audit services. Several factors influenced their decision to switch to Baker Tilly.
- The NAIC formally adopted the Own Risk and Solvency Assessment (ORSA) Model Act in September 2012, and the ORSA requirement for qualifying insurers will be effective January 2015. In an effort to improve guidance and regulation, the NAIC’s ORSA (E) Subgroup has completed two feedback pilot projects, one in June 2012 and the most recent in September 2013.
- Baker Tilly specialists discuss key changes to grant administrative requirements, cost circulars, and audit requirements affecting federally-funded organizations.
- The 2013 Fall NAIC meeting concluded on December 18, 2013 in Washington, DC. A number of substantive and non-substantive agenda items, including various committee meeting summaries were addressed. Key technical accounting updates were discussed during the Statutory Accounting Principles Working Group and the Emerging Accounting Issues Working Group.
- On December 18, the Financial Accounting Standards Board (FASB) continued deliberations and tentatively decided to require all Not-For-Profit (NFP) entities to report expenses by functional and natural classification within their financial statements. Currently, all NFPs are required to report expenses by functional classification, but not by nature (salaries, benefits, repairs, etc.).
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