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Accounting Updates for Government Entities: GASB Statement No. 87, Leases

Posted 6:30 PM by
The Governmental Accounting Standards Board (GASB) has created a single approach to accounting for and reporting of leases with the issuance of GASB Statement No. 87, Leases (Statement 87). State and local governments should expect Statement 87 to have a significant impact on their financial statements.
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Proposed Accounting Standards Update - In-Kind Contribution Reporting

Posted 1:45 PM by
The Financial Accounting Standards Board (FASB) has issued the Proposed Accounting Standards Update Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (Exposure Draft), which would impact the presentation and disclosure of contributed nonfinancial assets, also known as gifts-in-kind (in-kind donations), if the proposed changes are finalized.
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Standards Update: 12/17/19

Posted 7:40 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued.
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Accounting Update for Not-for-Profit Entities: Leases

Posted 3:00 PM by
In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease accounting standards and subsequent amendments require lessees to report all leases with a term greater than 12 months, including operating leases, on the statement of financial position.
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FASB Formally Delays Effective Dates for Major Accounting Standards

Posted 2:48 PM by
The Financial Accounting Standards Board (FASB) has officially deferred the effective dates of new Accounting Standards Updates (ASUs) related to credit losses, leases, hedging, and long-duration insurance contracts with the issuance of ASU No. 2019-09, Financial Services—Insurance (Topic 944): Effective Date and ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates.
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FASB Votes to Delay Effective Date for Major Accounting Standards

Posted 6:30 PM by
Yesterday, the Financial Accounting Standards Board (FASB) voted to approve proposals to amend the effective dates for several major Accounting Standards Updates (ASUs). The FASB voted to issue final ASUs to amend the effective dates of the following ASUs:
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Accounting Update for Not-for-Profit Entities: Revenue Recognition

Posted 2:00 PM by
Not-for-Profit Services Group to help organizations navigate and understand Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).
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Standards Update: 8/22/19

Posted 5:27 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below is a select ASU that was recently issued.
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FASB Proposes Delays on Accounting Standard Changes

Posted 4:01 PM by
On July 17, the Financial Accounting Standards Board (FASB) voted to have its staff prepare an exposure draft to delay the effective dates for accounting standard changes on leases, credit losses, and hedging. The FASB received several requests to provide relief as smaller companies are dealing with the highly challenging implementation of the revenue recognition standard. The FASB has also requested that its staff prepare a second exposure draft to propose new effective dates for long-duration insurance contracts. Upon approval by the FASB, the exposure drafts are expected to be issued with 30-day comment periods. The FASB indicated a desire to prioritize the exposure draft for leases, credit losses, and hedging because of the quickly approaching effective dates for these standards.
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Governmental Accounting Standards Update: 7/9/19

Posted 2:00 PM by
The Governmental Accounting Standards Board (GASB) has issued Statement No. 91, Conduit Debt Obligations to improve the existing standards by providing a single method for government issuers to report conduit debt obligations and related commitments and to eliminate diversity in practice associated with reporting conduit debt obligations.
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