Discover valuable resources on two new Accounting Standards Updates (ASU) and their impact on the financial statements of nonprofit 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.