Accounting Standards Updates
Webinar: AAFCPAs Revenue Recognition Guidance for Nonprofits
Join AAFCPAs on Wednesday, May 23rd from 12-1pm for a live, 1-hour revenue recognition implementation webinar! AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly, CPA will provide nonprofit finance executives with an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for […]
SAVE THE DATE: AAFCPAs to Share Valuable Revenue Recognition Guidance for Nonprofits
AAFCPAs will present two educational webinars, providing an overview of new Revenue Recognition standards for Commercial Businesses and Nonprofit Organizations. Attendees will gain an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. SAVE THE DATE! AAFCPAs Educational Webinar: Revenue […]
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 […]
GASB Issues New Lease Accounting Standard
In June 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 87, Leases, which applies to entities following government accounting rules, including AAFCPAs’ clients in the Charter School industry, as well as other quasi-governmental organizations. This guidance applies to most leases with a term of over 12 months. These leases will now be recognized […]
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 […]