blog updates

Follow KSM
Search

KSM blog

Entries by Amanda Horvath

Not-for-Profit Accounting Standards Update: Updating the Definition of Collections

Posted 12:00 PM by
The Financial Accounting Standards Board (FASB) became aware that the definition of collections in the Master Glossary of the FASB Accounting Standards Codification® (ASC) did not agree with the definition used in the American Alliance of Museums’ Code of Ethics for Museums (the Code). The Code had been revised after the issuance of a prior FASB statement, which served as the basis for the definition of collections in the ASC. Accounting Standards Update (ASU) No. 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections, was issued to realign the definition used in the Master Glossary of the ASC with the definition used in the Code.
link
| comments (0)

Governmental Accounting Standards Update: 4/24/19

Posted 12:40 PM by
The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S. GAAP). Below are select statements that were recently issued.
link
| comments (0)

Governmental Accounting Standards Update: 3/21/19

Posted 8:22 PM by
The Governmental Accounting Standards Board (GASB) has issued Statement No. 87, Leases, in an effort to provide information that is more relevant and consistent related to the reporting of leases by governments. Effective for reporting periods after Dec. 15, 2019, this statement requires lessees to recognize a lease liability and a right-to-use asset for all leases regardless of classification. It also requires a lessor to recognize a lease receivable and a deferred inflow of resources.
link
| comments (0)

Significant Changes Coming for Financial Reporting of Not-for-Profits

Posted 4:00 AM by
In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.
link
| comments (0)

Standards Update: 2/10/17

Posted 5:00 AM by
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which applies to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows.
link
| comments (0)

Standards Update: 8/22/16

Posted 12:33 PM by
In November 2011, the Financial Accounting Standards Board (FASB) added a project to its agenda focusing on the financial reporting of not-for-profit (NFP) entities. The objectives of this project focused on improving net asset classification requirements and the information provided in the financial statements and notes about liquidity, financial performance and cash flows.
link
| comments (0)

Standards Update: 6/17/16

Posted 4:00 AM by
In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-03, Intangibles – Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council) (ASU No. 2016-03).
link
| comments (0)

FASB Releases ASU No. 2016-02, Leases (Topic 842)

Posted 3:43 PM by
On Feb. 25, 2016, the Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2016-02, Leases (Topic 842) (the Update). Previous lease accounting guidance has long been criticized for not addressing the needs of financial statement users and FASB has spent several years on this project to address the concerns of users.
link
| comments (0)

Standards Update: 8/20/15

Posted 12:00 PM by
ASU 2015-05 provides additional guidance on accounting for fees paid in a cloud-computing arrangement. The FASB determined there was no explicit guidance currently available under generally accepted accounting principles (GAAP) in the United States for these type of  transactions, specifically related to an arrangement including a software license.
link
| comments (0)

NFP Reporting Exposure Draft, Explained: Other Matters

Posted 12:00 PM by
The fourth and final installment in our series, NFP Reporting Exposure Draft, Explained, focuses on various other changes being proposed related to the financial reporting for not-for-profit (NFP) organizations. 
link
| comments (0)