Well over a year has passed since the Financial Accounting Standards Board’s new revenue recognition standard kicked in for public companies while nonpublic companies are adopting the standard for December 31, 2019 fiscal year ends. As we have been evaluating the impact of this standard with our clients, we know…
June 30 didn’t only mark the end of the first half of 2019. It was also the first day for significant updates to the standards used in drafting financial statements for not-for-profit (NFP) entities that have a 6/30 year end. These updates make changes to net asset classification requirements and…
Originally published in the January 2018 issue of Career Education Review, and reproduced here with permission. Article originally posted at careereducationreview.net If I had one word to sum up the Financial Accounting Standards Board’s (FASB) new revenue recognition accounting standard, it would be judgment. That’s what it requires, a well…
By Jennifer Debor, CPA The Financial Accounting Standards Board (FASB) issued two accounting standard updates (ASU), ASU 2016-15 and ASU 2016-18, that impact the presentation of an organization’s statement of cash flows. Both ASU’s are effective in 2019 for non-public entities, or in FASB’s terminology ‘for fiscal years beginning…