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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

Definition of ‘Collections’ Clarified
Posted by Mark Winiarski on Mon, Mar 25, 2019 @ 12:57 PM

Not-for-profit organizations that hold collections received some much-needed clarification from the Financial Accounting Standards Board (FASB) that will eliminate a diversity in practice. The clarification arrives in the recently issued Accounting Standards Update 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections (ASU 2019-03).

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Topics: not-for-profit, FASB, Mark Winiarski, Financial Accounting Standards Board, U.S. generally accepted accounting principles, collections, American Alliance of Museums, U.S. GAAP

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