This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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

  • Meeting (lt blue) Image

Sep 21, 2018

At its September 13–14, 2018, meeting, the FASB’s Not-for-Profit Advisory Committee (NAC) discussed (1) contributions received and contributions made, (2) implementation issues related to certain FASB ASUs, (3) updating the definition of “collections,” and (4) other recently issued ASUs and ongoing FASB projects.

Contributions received and contributions made

The NAC discussed feedback on ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.

Im­ple­men­ta­tion issues related to certain FASB ASUs

Committee members discussed implementation issues related to the following guidance:

  • ASU 2014-09, Revenue From Contracts With Customers.
  • ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities.
  • ASU 2016-02, Leases.
  • ASU 2016-13, Measurement of Credit Losses on Financial Instruments.

Updating the definition of “collections”

The NAC discussed feedback on its proposed ASU Updating the Definition of Collections.

Other recently issued ASUs and ongoing FASB projects

Committee members discussed recent FASB activity, including:

  • Accounting for goodwill and certain intangibles.
  • Disclosure framework projects (both the entity’s decision process and the Board’s decision process).
  • Financial performance reporting.
  • Balance sheet classification of debt.
  • Cloud computing.
  • Collaborative arrangements.
  • Consolidation reorganization.

Other topics discussed

The NAC also discussed (1) the FASB’s response to the Tax Cuts and Jobs Act; (2) international not-for-profit activities; and (3) recent trends, concerns, and observations related to the NFPs.

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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.