Materiality describes the level to which the misreporting of information could influence decisionmakers who use that information. Since materiality is a highly abstract concept, it requires metrics to support its application to financial statements and other documents. Nonprofit and for-profit firms have different missions, suggesting that material information for decisionmakers looking at nonprofits' reports may differ from material information for decisionmakers looking at for-profit firms' reports.

This paper examines how materiality applies to nonprofit information disclosure. It begins by introducing the concept of materiality. It then explores how accounting literature, rule-making bodies, and the courts define and apply materiality. Nonprofit firms' structure, required financial statements, and comparisons to for-profit firms are next addressed. Issues with assessing nonprofit success and materiality in relation to various aspects of a nonprofit's mission are also introduced.

This paper finds that the metrics which support materiality should be different for nonprofit vs. for-profit firms. Nonprofit materiality measures should center around the mission statement, which differs from nonprofit to nonprofit. These nonprofit materiality measures assess the primary mission of providing goods and services, which has the greatest interest to potential donors. Examples of these materiality measures, along with the challenges and insights gained from them, are discussed. This paper concludes by overviewing nonprofit materiality measures and noting how they can improve nonprofit information disclosure. Suggestions for further research into improving materiality for nonprofit information disclosure are also given.

The gig economy is a rapidly growing portion of the US labor landscape. It is appealing to many individuals, as it provides autonomy for workers and opens up increased opportunities for working jobs with desirable schedules. The new California legislation, Assembly Bill 5, is likely to disrupt this sector by increasing costs for employers and removing autonomy from independent contractors with the ABC test that challenges current legal classifications of independent contractors. The ABC test has previously been passed in Massachusetts in 2004 and this paper aims to determine how the test has impacted the Massachusetts self-employment sector. A difference-in-differences estimation and linear regression model were analyzed to accurately determine the impact. A minimal negative correlation was found between the introduction of the ABC test in Massachusetts and the proportion of self-employed individuals in Massachusetts post-treatment. It was also found that the percentage change of average wages for self-employed individuals sharply increased in the first year directly following the implementation of the ABC test in Massachusetts and then decreased in the next year. The regression showed little correlation between the ABC test and self-employment in Massachusetts, as the p-value was not significant at the 5% level for the difference-in-differences interaction term, possibly due to limitations of the model.

In 2014, IASB and FASB published a new revenue recognition standard that will upend the way revenue is recognized on financial statements filed with the SEC. The new standard, ASC 606 \u2014 Revenue from Contracts with Customers, is effective as of December 16, 2017 for all public US GAAP entities and effective for all IFRS entities as of January 1, 2018. All non-public US GAAP entities are required to implement the reporting standards for financial periods following December 16, 2018. The purpose of this new guidance is to shift from industry and transaction specific revenue recognition methods to a framework that enables financial statement users to understand how and when revenue is recognized. As an incoming associate within the audit industry, I decided to analyze the key differences between the new revenue recognition standard with the existing GAAP and IFRS standards. The following research explores the impact on various industries, particularly the real estate industry. ASC 606's impact will vary depending on the industry. In terms of real estate, the industry will experience a moderate impact. The new guidance will likely enable the earlier recognition of revenue in most instances, based on the five-step revenue recognition process laid out by the IASB and FASB. This publication also analyzes the 10-K's of three companies in the real estate industry; Kennedy Wilson Holdings Inc., CBRE Group Inc., and Digital Realty Trust, Inc. Through excerpts from the 10-K's of these companies, readers will gain insights into how real estate companies are preparing for the implementation of ASC 606. With this new revenue recognition standard, financial statement users will be able to better grasp the nature, timing, amount, and uncertainty of revenue recognition, thereby increasing transparency within the public accounting profession.