FASB Votes to Postpone Revenue Recognition & Leases Standards

Posted by Christina K. Bell, CPA On May 20, 2020, FASB voted to extend by one year the effective date of its revenue recognition standard (FASB ASC Topic 606, Revenue From Contracts With Customers) to all nonpublic entities that have not yet issued their financial statements. “They [private companies] may not have the technology or resources to effectively implement the … Continued

How Does ASU 2016-13: Financial Instruments – Credit Losses (Topic 326) Impact Nonprofits?

Posted by Christina K. Bell, CPA Accounting Standard Update (ASU) 2016-13: Financial Instruments – Credit Losses (Topic 326) – An Overview for Not-for-Profit Organizations Accounting Standard Update (ASU) 2016-13: Financial Instruments – Credit Losses (Topic 326) was issued in June 2016 and becomes effective for nonprofit entities for fiscal years beginning after December 15, 2020, and interim periods within fiscal … Continued

Nonprofit Financial Reporting

ASU 2016-14 – Presentation of Operating Cash Flows

Posted by Christina K. Bell, CPA In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on not-for-profit financial statements. ASU 2016-14 is effective for not-for-profit organizations with annual reporting periods beginning after December 15, 2017 (calendar year 2018 or fiscal year 2019). ASU 2016-14 focuses … Continued

ASU 2016-14 – Liquidity and Availability of Resources

Posted by Christina K. Bell, CPA In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on nonprofit financial statements. ASU 2016-14 is effective for nonprofit organizations with annual reporting periods beginning after December 15, 2017 (calendar year 2018 or fiscal year 2019). ASU 2016-14 focuses … Continued

ASU 2016-14 – Investment Return

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on not-for-profit financial statements.

ASU 2016-14 – Functional Expense Reporting

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on not-for-profit financial statements.