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New Lease Accounting Standard to be Delayed?
Posted by Heather Winiarski on Thu, Aug 1, 2019 @ 03:12 PM

Not-for-profit organizations, private companies, and smaller reporting companies received welcome news on July 17. The Financial Accounting Standards Board (FASB) voted to issue proposals that would delay the effective date for changes to leasing, current expected credit loss (CECL), and hedge accounting. A second proposal would delay accounting for long-term insurance contracts as well.

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Topics: not-for-profit, NFP, nonprofit, Leasing, leasing standard

The Revenue Recognition Lesson Not-For-Profits Can Apply to Leasing
Posted by Allan Klose on Wed, Jul 3, 2019 @ 01:16 PM

Accounting changes to ASC Topic 842, Leases share many of the characteristics that made the revenue recognition updates in Topic 606 so challenging. Like revenue recognition, the Topic 842 leasing standard is another principles-based approach. It includes changes to definitions that will require case-by-case analysis. It could—and is more likely to than revenue recognition—have a financial impact on not-for-profit organizations because Topic 842 changes require all lessees to recognize lease assets and liabilities on their balance sheet. Recognizing these lease assets and liabilities will affect financial ratios and the processes that rely on them, such as loan covenants.

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Topics: not-for-profit, Audit Committee, NFP, Revenue recognition, nonprofit, Leasing, leasing standard

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