Category: Accounting Standards
New Revenue Recognition Standard
In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-19, Revenue from Contracts with Customers (“the standard”). The standard is effective for annual reporting periods beginning after December 15, 2018. This means January 1, 2019 for...
FAQs on the New Expense Reporting Requirements
For years beginning after December 15, 2017, all nonprofits are required to present their expenses by both their natural and functional classifications in one location. This article, What You Need to Know About the New Expense Reporting Requirements , covers the...
Not-for-Profit: Revenue Recognition Standard
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09 – Revenue from Contracts with Customers (Topic 606), which attempts to clarify the principles for recognizing revenue. Although the ASU was issued in...
Board-Designated Net Assets
With the upcoming implementation of the new FASB Accounting Standards Update 2016-14 (the standard) there will be changes occurring with the disclosures regarding board-designated net assets. For starters, board-designated net assets are net assets without donor...