Financial Accounting Standards Board (FASB)

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CECL Standard To Impact Healthcare Entities

CECL Standard To Impact Healthcare Entities

Transactions falling into the scope of CECL include amounts due from Medicaid and Medicare, as well as loan receivables, held-to-maturity debt securities, and loan commitments. AAFCPAs would like to make clients aware that the Financial Accounting Standards Board (FASB) has pronounced a shift in credit loss accounting within ASC 326, which is commonly referred to […]

Guidance for Independent Schools on FASB’s New CECL Model

Guidance for Independent Schools on FASB’s New CECL Model

The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) is effective for nonpublic businesses and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL is in effect during fiscal year 2024 for independent schools with June 30 year ends. AAFCPAs advises that independent […]

FASB Approves New Guidance on Certain Crypto Assets

FASB Approves New Guidance on Certain Crypto Assets

AAFCPAs would like to make clients aware that in December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. Note: the amendments in ASU 2023-08 require that an entity measure “in-scope” crypto assets (as […]

Guidance: CECL Standard for CDFIs

Guidance: CECL Standard for CDFIs

The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) will be effective for nonpublic business entities and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL will be effective for the calendar year 2023 reporting period and fiscal year 2024 for off-year […]

Guidance on Lease Standard for Independent Schools

Guidance on Lease Standard for Independent Schools

What Lessees Need To Know In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. Because of the significant changes contained in this ASU, though issued in 2016, the effective date for implementing the new accounting guidance was pushed to fiscal year 2023 for […]

Changes to In-kind Donation Disclosures for Nonprofits

Changes to In-kind Donation Disclosures for Nonprofits

AAFCPAs would like to make nonprofit clients and donors aware that the Financial Accounting Standards Board (FASB) has recently issued an Accounting Standards Update (ASU) to increase the transparency about the measurement of in-kind donations received by nonprofits, as well as the amount of those in-kind donations used in nonprofits’ programs and other activities. The […]

Guidance on New Lease Accounting Standard

Guidance on New Lease Accounting Standard

In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions.   AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: AAFCPAs has provided a detailed Whitepaper providing guidance on the FASB’s new Lease standard so clients may proactively […]

Lease Accounting Standard Effective 1.1.22

Lease Accounting Standard Effective 1.1.22

Implementing the new lease standard is not just a one-time exercise. It requires changes to accounting processes and financial reporting controls. Accounting policy elections and practical expedients will affect the overall process and timeline—so AAFCPAs advises clients to assess them early. Effective implementation requires a thorough evaluation of resources and your organization should identify someone […]

FASB Proposes Lease Standard Delay, Issues Pandemic Concessions FAQs

FASB Proposes Lease Standard Delay, Issues Pandemic Concessions FAQs

The Financial Accounting Standards Board (FASB) on April 8, 2020 issued a proposal to defer the effective date for ASU 2016-02, Leases, and all subsequent amendments by one year in response to the ongoing coronavirus pandemic. For private companies and private nonprofits, the effective date would be for fiscal years beginning after December 15, 2021. […]