Financial Accounting Standards Board (FASB)
AAFCPAs Provides Guidance on Potential Impact of FASB’s Proposed Changes to NFP Grant and Contribution Accounting
The Financial Accounting Standards Board (FASB) met on February 14, 2018 to redeliberate the amendments in the proposed Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This proposed ASU will primarily affect nonprofits that receive government or foundation grants and contracts, but […]
Biggest Improvement of Financial Reporting Guidance in Two Decades for Not-for-Profit Entities
On August 18, 2016, the FASB issued a final ASU 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities, to improve financial reporting guidance for not-for-profit entities (NFPs). The existing financial reporting guidance was established in 1993 when the FASB issued the Statement of Financial Accounting Standards (AFAS) No. 117, Financial Statements […]
Implementation Guidance Related to Performance Obligations and Licensing
AAFCPAs would like to make clients aware of a recent accounting standards update (ASU) issued by the Financial Accounting Standards Board (FASB) which clarifies the implementation guidance related to identifying performance obligations and licensing. ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, does not change the core principle of the […]
Nonprofit Financial Statement Project/ASU Update – FASB Announces Transition Method and Effective Dates
The Financial Accounting Standards Board (FASB) reached much anticipated decisions regarding the transition and effective date for its Nonprofit Financial Statements Project, as of their most recent Board Meeting (3/30/16). The proposed Accounting Standards Update (ASU) would affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements. Details […]
FASB ASU Clarifies Principal vs. Agent Revenue Recognition Considerations
AAFCPAs would like to make clients aware of a recent accounting standards update (ASU) issued by the Financial Announcing Standards Board (FASB) which clarifies the implementation guidance related to principal versus agent considerations. ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), issued March 17th, 2016, […]
FASB Decisions Regarding NFP Financial Statements Project from March 2 Meeting
The Financial Accounting Standards Board (FASB) continued its Phase 1 deliberations at its March 2nd, 2016 Board Meeting on the proposed FASB Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. Significant Decisions Made at the Board’s March 2016 Meeting: The proposed ASU would […]
The Pervasive Impact of Revenue Recognition on Independent Schools
The effective date of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers has been deferred for all entities by one year; however, AAFCPAs advises that Independent Schools start preparing now to determine how the new Revenue Recognition Standard affects your financial picture, your stakeholders, and the way you do business. How may […]
AAFCPAs’ Update on Decisions Reached in FASB NFP Financial Statements Project
The Financial Accounting Standards Board (FASB) continued its Phase 1 deliberations at its February 3, 2016 Board Meeting on the proposed FASB Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. Significant Decisions Made at the Board’s February 2016 Meeting: The proposed ASU […]
FASB’s Technical Agenda for NFP Financial Statements Project Organized in Two Phases
AAFCPAs would like to make you aware of the two phases that comprise the technical agenda for FASB’s Nonprofit Financial Statement Project. On April 22, 2015, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of […]