Join us for an informative webinar on two new Accounting Standards Updates (ASU) and their impact on the financial statements of not-for-profit organizations.
The Financial Accounting Standards Board (FASB) issued ASU 2018-11 “Leases” which is effective for fiscal year ends beginning after December 15, 2021. Learn the basics of the new lease standard through several practical examples.
Additionally, the Financial Standards Board issued ASU 2020-07 “Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets” which is effective for fiscal years beginning after June 15, 2021. ASU 2020-07 enhances the reporting requirement for contributions of nonfinancial assets (gifts-in-kind). We will review the required reporting within the financial statements and related footnote disclosure under ASU 2020-07.