FASB Not-for-Profit Reporting

Topics

March 24, 2022

Lease accounting urgency ramps up for not-for-profits

After numerous effective date delays, not-for-profits are running out of time to implement the Financial Accounting Standards Board’s new lease accounting standard.

May 13, 2021

Tips for lease accounting amid financial uncertainty

Many private companies and not-for-profits are adopting new lease accounting standards, and public companies that have adopted the guidance are applying it amid a pandemic-fueled surge in lease renegotiations.

April 19, 2021

Tips for for-profits applying NFP accounting rules for PPP funds

For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.

March 30, 2021

FASB provides goodwill triggering relief for private companies, not-for-profits

Private companies and not-for-profits have the option to perform goodwill impairment triggering assessments at the end of an interim or annual reporting period under an accounting alternative issued by FASB.

February 10, 2021

FASB approves private company and NFP goodwill triggering event alternative

Private companies and not-for-profits will have an option to perform goodwill impairment triggering event assessments at the reporting date (versus on the date of a triggering event as currently required), under an accounting alternative FASB voted to approve.

December 21, 2020

FASB proposes goodwill evaluation relief for some private companies, NFPs

FASB issued a proposal that would permit certain private companies and not-for-profits to elect not to perform goodwill assessments related to triggering events.

November 18, 2020

FASB pursues impairment-triggering relief for certain private companies, NFPs

FASB added a project to its technical agenda that would give certain private companies and not-for-profits the option to perform goodwill triggering event evaluation only on the annual reporting date.

September 17, 2020

FASB alters not-for-profit accounting rules for gifts-in-kind

Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.

February 10, 2020

FASB proposes changes to not-for-profits’ reporting of gifts-in-kind

The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.

June 17, 2019

Revenue recognition tips for not-for-profits

Not-for-profits have their own specific concerns related to the Financial Accounting Standards Board’s new revenue recognition standard. Find out in this episode how the new standard applies to not-for-profits.

May 30, 2019

FASB extends GAAP alternatives to not-for-profits

The new FASB standard allows not-for-profits to use alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination.

February 1, 2019

Simplifying adoption of NFP financial reporting standard

Tax-exempt organizations are working through the biggest change to not-for-profit financial reporting in 25 years. Smaller organizations with limited resources can smoothly implement FASB’s new rules by following some best practices.

December 5, 2018

Simplifying implementation of FASB’s not-for-profit financial reporting standard

Smaller organizations with limited staff may have difficulty implementing FASB’s new standard on presentation of not-for-profit financial statements. These best practices can make the work easier.

FROM THIS MONTH'S ISSUE

Tax-efficient drawdown strategies in retirement

Want to stretch retirement funds and avoid tax pitfalls? This article shares tips and models for smarter drawdown strategies that maximize after-tax wealth, manage Social Security and Medicare impacts, and minimize surprises. Also see: Tax season preview and quick guide.