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.
Topics: ASU, GAAP, not-for-profit, FASB, NFP, Financial Accounting Standards Board, ASC Topic 606, U.S. GAAP, COVID-19
The close of the calendar year provides a good opportunity for not-for-profit organizations with June 30 fiscal year ends to plan ahead. Many accounting standard changes went into effect for 2017 fiscal years. The updates could affect financial statements in multiple places, from adding or changing disclosures to modifications in internal controls over financial reporting.
Topics: ASU, not-for-profit, FASB, Mark Winiarski, 2017 fiscal year end, Equity Method of Accounting, Consolidation
After a recent meeting, the Financial Accounting Standards Board (FASB) voted to draft the final accounting standard related to the first part of its not-for-profit financial statement presentation project. Among the changes are provisions that will make a not-for-profit’s liquidity more transparent.
Topics: ASU, David Brown, not-for-profit, FASB, nonprofit, liqudity
As part of its efforts to simplify financial statement reporting, the Financial Accounting Standards Board (FASB) recently streamlined its treatment of extraordinary items. Entities will no longer have to separately classify, present and disclose extraordinary events or transactions.
Topics: ASU, not-for-profit, FASB, Mark Winiarski