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Highlights of the March 2018 Not-for-Profit Advisory Committee meeting

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Mar 23, 2018

At its March 12–13, 2018, meeting, the FASB’s Not-for-Profit Advisory Committee (NAC) discussed (1) revenue recognition of grants and contracts by not-for-profits (NFPs), (2) the Tax Cuts and Jobs Act, and (3) implementation issues related to certain FASB ASUs.

Revenue recognition of grants and contracts by NFPs

The NAC discussed feedback on the FASB’s proposed ASU Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.

Tax Cuts and Jobs Act

The NAC discussed financial reporting issues associated with the Tax Cuts and Jobs Act and the related FASB agenda decisions. A focus of the discussion was the recently issued FASB staff Q&A indicating that the Board would not object if private companies and NFPs elect to apply the SEC’s SAB 118.

Implementation issues

The NAC discussed implementation issues related to the following ASUs:

  • No. 2014-09, Revenue From Contracts With Customers.
  • No. 2016-02, Leases.
  • No. 2016-14, Presentation of Financial Statements of Not-for Profit Entities.
  • No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.

For more information, see the meeting recap on the FASB’s Web site.

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