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Highlights of the March 2019 meeting of the FASB's Not-for-Profit Advisory Committee

  • Meeting (lt blue) Image

Mar 13, 2019

At its March 4–5, 2019, meeting, the FASB’s Not-for-Profit Advisory Committee (NAC) discussed (1) implementation issues related to certain FASB ASUs, (2) updating the definition of “collections,” and (3) other recently issued ASUs and ongoing FASB projects.

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.
  • ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities.
  • ASU 2018-07, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.

Up­dat­ing the de­f­i­n­i­tion of “col­lec­tions”

The NAC dis­cussed the Board’s redeliberations of its pro­posed ASU Up­dat­ing the De­f­i­n­i­tion of Col­lec­tions.

Other re­cently issued ASUs and ongoing FASB pro­jects

The NAC discussed comment-letter responses on the FASB’s proposed ASU Extending Private Company Alternatives on Certain Identifiable Intangible Assets and Goodwill to Not-for-Profit Entities and indicated that the feedback was generally positive. In addition, the Board discussed its projects on:

  • Identifiable intangible assets and subsequent accounting for goodwill.
  • Facilitation of the effects of the interbank offered rate transition on financial reporting.
  • Balance sheet classification of debt.
  • Financial performance reporting.
  • The disclosure framework initiative.

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.