Insights

The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2019-03, Updating the Definition of Collections.

Boards of Directors and the not-for-profit organizations (NFPs) they serve have at least one thing in common: they come in all sizes and levels of sophistication. But regardless of their size or sophistication, all Boards are bound by a common duty to accept fiduciary responsibilities and provide operational oversight.

The Financial Accounting Standards Board (FASB) issued accounting standards update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) in May 2014, almost five years ago.

The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update (ASU) that offers not-for-profit entities (NFPs) two alternatives — under generally accepted accounting principles (GAAP) — to the accounting treatment of certain transactions.

Recently, the Internal Revenue Service (IRS) issued interim guidance (Notice 2018-99) concerning the tax treatment of certain qualified transportation fringe benefits (QTFBs) expenses paid or incurred after December 31, 2017.

As required by the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, not-for-profit organizations (NFPs) must include in their financial statements or note disclosures total expenses by function and natural class.

The recording of most transactions by not-for-profit organizations, as prescribed by Generally Accepted Accounting Principles in the United States (U.S. GAAP) and contained as codifications within the FASB Accounting Standards Codification, is based on clearly defined, objective, and measurable valuations.

Recently, we received a number of inquiries from our not-for-profit clients regarding rules requiring consolidation of certain affiliated entities, particularly those surrounding affordable housing.

The Financial Standards Accounting Board (FASB) recently issued a proposed Accounting Standards Update (ASU or Update) (Topic 958) intended to modify the definition of the term collections. The amendment in the proposed ASU is intended to align the definition of the term collections as it appears in the Master Glossary of the FASB Accounting Standards Codification with the definition used in the American Alliance of Museums’ (AAM) Code of Ethics for Museums (the Code).

If you’re a baby boomer and it seems that your co-workers are getting younger and younger, you’re not imagining things – they are. In most cases, it’s not by design or coincidence, but the result of demographics. Demographically-speaking, baby boomers are those individuals born between 1946 and 1964. As a result, the majority of these workers began reaching retirement age within the last decade and will continue to leave the workforce in large numbers over the coming decade.

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued its final guidance for contributions received and contributions made.