ECFA Annual Accreditation Requirements

It’s as easy as 3 Steps

  1. Form – available online at ECFA.org/renew

  2. Fee – submit online with renewal form

  3. Financial statements – minimum requirements based on total revenue

    All financial statements must include the following (regardless of size)

    1. a statement of financial position as of the end of the reporting period (also referred to as a balance sheet)

    2. a statement of activities for the reporting period (also referred to as a statement of revenues and expenses)

    3. expenses reported by their functional classification in the statement of activities, a statement of functional expenses, or the notes to the financial statements

    4. a statement of cash flows for the reporting period

    5. accompanying notes to the financial statements

    6. a statement that it was prepared by an independent CPA

    1. Over $3 Million in total revenue – an Audit is required – prepared in conformity with US GAAP/GAAS standards

    2. $2 Million – $3 Million in total revenue – at least a Review is required – prepared on the GAAP, accrual, or modified cash basis

    3. Under $2 Million in total revenue – at least a Compilation is required – prepared on the GAAP, accrual, or modified cash basis



 

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