Print Friendly, PDF & Email


FASB Delays Effective Dates for Four Major Accounting Standards

FASB Delays Effective Dates for Four Major Accounting Standards

AAFCPAs is excited to inform you that the Financial Accounting Standards Board (FASB) voted to extend the effective dates of four key accounting standards at their latest July 17, 2019 meeting. The proposed delay to the effective dates for certain companies affects accounting for leases, credit losses, hedging, and long-duration insurance contracts. This is FASB’s response to the burden placed on companies having to adopt various complex accounting standards in... continue reading

AICPA Urges FASB to Delay Effective Date of Lease Standard

ASU 2016-02, Leases (Topic 842) took effect for public companies at the beginning of this year and is scheduled to be effective for private companies one year later, at the beginning of 2020. This standard is significant in its impact to virtually all entities that enter into leases of more than twelve months in duration. The study and preparation for successful implementation by the effective date of January 1, 2020 is an... continue reading

The Time is Now to Understand the Implications of the New Lease Standard, Effective 2020 for Private Companies and Most Nonprofits

The Time is Now to Understand the Implications of the New Lease Standard, Effective 2020 for Private Companies and Most Nonprofits

In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. There are elements of the new standard which will likely impact almost all entities to some extent, although lessees will likely see the most significant changes with their accounting for and reporting of lease agreements. Because of the significant changes contained in this ASU, the effective date for implementing... continue reading

AAFCPAs’ Joyce Ripianzi to Present Accounting & Tax Update for Nonprofit EDs and Board Members

AAFCPAs Partner Joyce Ripianzi, CPA has been selected to present an educational Accounting & Tax Update on March 9th as part of the Essex County Community Foundation’s 10th Annual Institute for Trustees. This annual event is designed to provide education, training and best practices for first year board members as well as the most seasoned trustees. In this extended workshop session, Joyce will provide key considerations and best practice recommendations... continue reading

FASB Issues ASU 2018-17: Targeted Improvements to Related Party Guidance for Variable Interest Entities

AAFCPAs would like to make clients aware that the Financial Accounting Standards Board (FASB) on October 31, 2018, issued an Accounting Standards Update (ASU) that reduces the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs). A VIE is an organization in which consolidation is not based on a majority of voting rights. The new guidance, based on recommendations from the Private Company Council (PCC),... continue reading

AAFCPAs Presents Workshop on Nonprofit Financial Statement Framework for Lawyers Clearinghouse

ASU 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities, affects substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements. AAFCPAs’ Amanda Pelcher, CPA will provide insight to the Lawyers Clearinghouse’s network of nonprofits during a workshop she will give on Understanding the New Nonprofit Financial Statement Presentation Standards, on October 12th in Boston, MA. AAFCPAs will address questions such as: What are... continue reading

Investment Return Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework

Investment Return Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework

AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. The new financial statement framework affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations, and education) and is effective for fiscal years beginning after December 15, 2017 (CY 2018 or FY... continue reading

Underwater Endowment Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework

Underwater Endowment Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework

AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. The new financial statement framework affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations, and education) and is effective for fiscal years beginning after December 15, 2017 (CY 2018 or FY... continue reading

Expense Reporting Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework

AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. The new financial statement framework affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations, and education) and is effective for fiscal years beginning after December 15, 2017 (CY 2018 or FY... continue reading

FASB Issues Revenue and Expense Recognition Standard for Nonprofit Grants and Contributions

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contribution Made intended to address the diversity in practice among not-for-profit organizations for grant and contribution accounting. ASU 2018-08 applies primarily to nonprofits, but also applies to business entities that receive or make contributions of cash and other... continue reading