Accounting Standards Updates
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 […]
AAFCPAs’ Update on Decisions Reached in FASB NFP Financial Statements Project
The Financial Accounting Standards Board (FASB) is evaluating 263 comment letters, including feedback from AAFCPAs, as part of their invitation to stakeholders for review and input on the proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. As part of its […]
FASB Issues Standards for Recognition and Measurement of Financial Assets and Liabilities
AAFCPAs wants to alert you to this change from the Financial Accounting Standards Board (FASB). In their effort to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments, on January 5, 2016 the FASB issued a new Accounting Standards Update (ASU) No. 2016-01, Financial Instruments, […]
FASB Simplifies the Presentation of Deferred Tax Liabilities and Assets
AAFCPAs would like to make you aware that on Nov. 20, 2015 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU applies to all organizations that present a classified balance sheet, and requires that all deferred tax liabilities and assets […]
FASB Moves to Finalize Leasing Standard, Sets Effective Dates
ASU will require that lease obligations be added to the balance sheet AAFCPAs would like to make you aware that on Nov. 11, 2015 the Financial Accounting Standards Board (FASB) voted to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets as opposed […]
Reminder: FASB Defers Revenue Recognition Standard
In response to feedback from stakeholders, preparers, practitioners, and users of financial statements, in August 2015, the FASB approved a one-year deferral of the effective date of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The effective date of Update 2014-09 has been deferred for all entities by one year. Public business […]
The Required Charter School Management’s Discussion & Analysis (MD&A)
Is Your MD&A Living Up to the Valuable Document It Was Intended to Be? As you close the books on another fiscal year, and begin to prepare for your annual audit, AAFCPAs advises our Charter School clients to take some time now to review the content of your Management’s Discussion and Analysis (MD&A). In order […]