In this session, we’ll discuss developments in US GAAP that are important for NFPs. We’ll focus especially on the FASB’s new standard (ASU 2020-07) on reporting of gifts-in-kind (contributed nonfinancial assets), which is effective for FY 2022. We’ll also discuss: implementation matters on grants and contracts (ASU 2018-08, especially COVID-19-related government assistance), leases, credit losses, and other recent standards; FASB projects-in-process (e.g., on Goodwill); and the efforts underway by the FASB to set its future agenda, including an Invitation to Comment expected to be issued in June 2021. Finally, we’ll briefly introduce you to an important initiative in which the FASB’s staff is participating, IFR4NPO, which is of significant interest to NFPs that are operating or making grants internationally.
Describe the requirements of key recent standards (ASUs) affecting NFPs (especially ASU 2020-07).
Identify and discuss, at a general level, the key areas of judgment in applying GAAP (especially ASU 2018-08) to COVID-19-related government assistance.
Identify and describe, at a general level, the key implementation issues that have been or are being addressed by the FASB concerning major recent standards (especially Leases).
Describe, at a general level, the current status of noteworthy current FASB projects (especially Goodwill and Intangibles), as well as the areas of focus in the FASB's Invitation to Comment regarding its Future Agenda.
Describe, at a general level, the aims of the IFR4NPO initiative and how it would benefit certain NFPs.