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FASB Vote on Rev Rec and Leasing Deferral Sends Mixed Relief for Not-For-Profits
Posted by Mark Winiarski on Tue, May 26, 2020 @ 10:37 AM

On May 20, the Financial Accounting Standards Board (FASB) voted to move forward with a deferral of the effective date for the new revenue recognition for private not-for-profits and a leasing standard delay for private and public not-for-profit organizations. Changes to the effective date are designed to provide some relief for organizations and to a not-for-profit sector that may be particularly hard hit by the repercussions from the COVID-19 pandemic.

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Topics: ASU, GAAP, not-for-profit, FASB, NFP, Financial Accounting Standards Board, ASC Topic 606, U.S. GAAP, COVID-19

4 Things Not-For-Profits Can Do in 2018 to Make Adopting the Leasing Standard Easier
Posted by Heather Winiarski on Wed, Oct 31, 2018 @ 02:19 PM

The effective date for the new leasing standard under ASC Topic 842 will be here before you know it. Not-for-profit organizations that issue or are conduit bond holders for securities that are traded, listed, or quoted on an exchange or over-the-counter market begin adoption for fiscal years beginning after Dec. 15, 2018 (and interim periods within those fiscal years), and all other organizations must adopt the standard for fiscal years beginning after Dec. 15, 2019 (Jun. 30, 2021 financial statements).

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Topics: GAAP, tax-exempt, not-for-profit, IRS, NFP, nonprofit, Lease Standards, Leasing, asc topic 842

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