Revenue Recognition of Grants and Contracts by Not-for-Profit Entities Tentative Board Decisions to Date As of December 13, 2017
|
|
- Kelley Joseph
- 5 years ago
- Views:
Transcription
1 The is provided for the information and convenience of constituents who want to follow the Board s Board Deliberations Agenda Decision Issue 1: Determining Whether a Transaction Should be Accounted for as a Contribution or an Exchange Transaction The Board decided to add a project to its agenda to improve and clarify existing guidance on revenue recognition of grants and contracts by not-for-profit entities (NFPs). The Board directed the staff to perform additional research on the identified issues to best address stakeholder concerns. The Board discussed various ways to improve the existing guidance for distinguishing between grants (and similar contracts) that are nonreciprocal transactions (contributions) and those that are reciprocal transactions (exchanges). The Board directed the staff to further explore an approach requiring that an NFP consider a grant (or similar contract) a reciprocal transaction if a resource provider, in making the grant (or similar contract), either (1) directly receives goods or services of commensurate value or (2) fulfills a known and explicit obligation to provide goods or services to others. If it is unclear whether the resource provider is fulfilling such an obligation by means of the grant (or similar contract), that ambiguity would be indicative of a nonreciprocal transaction. April 20, 2016 June 15, 2016 SGMs October 27 and 31, 2016
2 The is provided for the information and convenience of constituents who want to follow the Board s Issue 2: Distinguishing Between Conditional and Unconditional Contributions The Board discussed ways to improve the existing guidance for distinguishing between conditions and restrictions for nonreciprocal transactions (contributions). The Board did not make any technical decisions at this meeting. The Board directed the staff to further explore an approach based on the existence of a right of return. The staff will explore the following aspects of that approach: (1) how determinative a right of return should be in indicating the existence of a donor-imposed condition (and the implications of trivial right-of-return stipulations) and (2) whether a right of return must be explicit in an agreement. The Board also asked the staff to conduct additional outreach and research relating to the proposed approach and its operationality in practice. August 31, 2016 SGMs October 27 and 31, 2016 Issue 1 and Issue 2 The Board discussed ways to improve the existing guidance for two issues: 1. Distinguishing between those grants and similar contracts that should be accounted for as nonreciprocal transactions (contributions) and those that should be accounted for as reciprocal transactions (exchanges) 2. Distinguishing between conditional and unconditional contributions. Issue 1: The Board decided to clarify and refine existing guidance in Subtopic by adding paragraphs that would clarify the scope of the Subtopic as well as illustrative examples. Issue 2: The Board did not make any technical decisions. The Board directed the staff to pursue an approach where a contribution would be conditional if an explicit right of return SGMs October 27 and 31, 2016 December 14, 2016
3 The is provided for the information and convenience of constituents who want to follow the Board s exists and there is a substantive barrier that must be overcome. The Board directed the staff to provide further analysis, including examples, to determine whether a substantive barrier to entitlement exists. Issue 2 Issue 2, Resource Provider Perspective, Disclosures, The Board discussed ways to improve the existing guidance for distinguishing between conditional and unconditional contributions. The Board decided to clarify and refine existing guidance in Subtopic , Not-for-Profit Entities Revenue Recognition, by indicating that the definition of a donor-imposed condition would include the following: 1. A right of return, entailing either a return of assets transferred or a release of a promisor from its obligation to transfer assets. 2. A barrier that must be overcome before the recipient is entitled to the assets transferred or promised. A barrier would be described through the use of indicators and illustrative examples. The Board continued its deliberations focusing on right of return or a release of the promisor from its obligation to transfer assets, accounting from the resource provider s perspective, disclosures, transition, and effective date and early adoption. The Board decided that the proposed clarifying guidance about distinguishing between conditional and unconditional contributions would apply to a resource provider and a recipient. February 22, 2017 SGMS February 14, 16, and 17, 2017 April 19, 2017
4 The is provided for the information and convenience of constituents who want to follow the Board s Transition, and Effective Date The Board decided that in order to meet the definition of a donor-imposed condition, the notion of either a right of return or a release of the promisor from its obligation to transfer assets must be present in the agreement (or another document referenced in the agreement). The agreement must indicate that a recipient is entitled to the transferred assets (or a future transfer of assets) only if it has met the stipulations in the agreement. Recurring Disclosures The Board decided that no additional recurring disclosures would be required for a recipient or a resource provider. Transition and Transition Disclosures The Board decided that an entity would apply the forthcoming guidance on a modified transition approach to revenue or expense that has not yet been recognized prior to the year of adoption in accordance the forthcoming guidance. Under this modified approach, an entity would be required to disclose: 1. The nature of and reason for the accounting change in principle 2. An explanation of the reasons for significant changes in each financial statement line item in the current reporting period resulting from the application of the forthcoming guidance compared with the guidance that was in effect before the change. Retrospective application would be permitted.
5 The is provided for the information and convenience of constituents who want to follow the Board s Effective Date and Early Adoption External Review Comments, Cost Benefit Analysis, Comment Period The Board decided that the effective date of the proposed Update would be the same as the effective date of Accounting Standards Update No , Revenue from Contracts with Customers (Topic 606). Early adoption would be permitted. Accounting Standards Update No , Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update by one year. The Board discussed (1) comments from external reviewers on a draft of the proposed Accounting Standards Update on clarifying the scope and the accounting guidance in Topic 958, Not-for-Profit Entities, for contributions received and contributions made and (2) any remaining issues, including costs and benefits, and made the following decisions. The Board decided to remove the phrase future and uncertain event from the definition of a donor-imposed condition. The Board decided that the comment period deadline for the proposed Update should be 90 days from the issuance date of the proposed Update. The staff will draft a proposed Accounting Standards Update for vote by written ballot. June 7, 2017
6 The is provided for the information and convenience of constituents who want to follow the Board s Board Redeliberations The Board discussed a summary of comments received on the proposed Accounting Comment Standards Update, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Letter Accounting Guidance for Contributions Received and Contributions Made. No decisions were made. Summary December 13, 2017
Not-for-Profit Entities (Topic 958)
Proposed Accounting Standards Update Issued: August 3, 2017 Comments Due: November 1, 2017 Not-for-Profit Entities (Topic 958) Clarifying the Scope and the Accounting Guidance for Contributions Received
More informationTopic Relevant Board Discussions Meeting Date
The is provided for the information and convenience of constituents who want to follow the Board s deliberations. All of the conclusions reported may be changed at future Board meetings. Decisions become
More informationFASB Revenue Recognition - Deep dive into impact to private institutions. Katie Thornton, Robb Rose
FASB Revenue Recognition - Deep dive into impact to private institutions Katie Thornton, Robb Rose 1 FASB Revenue Recognition FASB ASU 2014-09 Revenue from Contracts with Customers Retrospectively to each
More informationDisclosure Framework Entity s Decision Process Tentative Board Decisions to Date As of March 21, 2018
The is provided for the information and convenience of constituents who want to follow the Board s deliberations. All of the conclusions reported may be changed at future Board meetings. Decisions become
More informationBoard Meeting Handout Clarifying the Scope of Subtopic and Accounting for Partial Sales of Nonfinancial Assets April 20, 2016
Board Meeting Handout Clarifying the Scope of Subtopic 610-20 and Accounting for Partial Sales of Nonfinancial Assets April 20, 2016 PURPOSE OF THIS MEETING 1. The April 20, 2016 Board meeting is a decision-making
More informationSeptember 27, Susan M. Cosper Technical Director Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk, CT
September 27, 2017 Susan M. Cosper Technical Director Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk, CT 06856-5116 File Reference No. Topic 2017-270: Dear Ms. Cosper: The Financial
More informationNot-for-Profit Entities (Topic 958)
No. 2018-08 June 2018 Not-for-Profit Entities (Topic 958) Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made An Amendment of the FASB Accounting Standards
More informationNew Accounting Guidance for Contributions Received and Made
New Accounting Guidance for Contributions Received and Made ASU 2018-08 Not-for-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions
More informationImplementation Balance Sheet 9/6/ Accounting and Financial Reporting Update. Key Provisions of ASU No
2017 Accounting and Financial Reporting Update Agenda Presentation of Financial Statements of Not for Profit Entities ASU 2016 14 and ASU 2017 07 Implementation Challenges Financial Statement Presentation
More informationFASB Update Presenters: Cathy Clarke, CLA; Jeff Mechanick, FASB
FASB Update Presenters: Cathy Clarke, CLA; Jeff Mechanick, FASB The views expressed in this presentation are those of the presenters. Official positions of the FASB are reached only after extensive due
More informationNew Developments Summary
July 24, 2018 NDS 2018-06 New Developments Summary FASB clarifies scope of contribution accounting Impact on both recipients and resource providers Summary Many not-for-profit (NFP) entities that receive
More informationFinancial Statement Changes for Non-Profit Organizations
Financial Statement Changes for Non-Profit Organizations Bob Kollar Assistant Professor of Accounting, Duquesne University Shareholder, KuhlemanKollar & Associates, CPAs Workshop Description The Financial
More informationThe collectability of accounts receivable, which is based on collection history with the donor/grantor.
50 Washington Street Westborough, MA 01581 508.366.9100 aafcpa.com To the Board of Directors and Management of : We have audited the financial statements of (PSW, Inc.) for the year ended June 30, 2017,
More informationExpense recognition of nonemployee awards with graded vesting
On the Horizon March 2, 2017 Contents Current reporting issue... 1 Expense recognition of nonemployee awards with graded vesting... 1 FASB... 3 ASU 2017-05 clarifies nonfinancial asset derecognition guidance...
More informationSTAFF PAPER. IASB Agenda ref. September IASB Meeting
IASB Agenda ref 12B STAFF PAPER IASB Meeting Project Paper topic September 2017 Availability of a refund (Amendments to IFRIC 14) and Plan amendments, curtailment or settlement (Amendments to IAS 19) Effects
More informationNavigating Guidance on Grants & Contributions How ASU Is Impacting Not-for-Profit Entities
Navigating Guidance on Grants & Contributions How ASU 2018-08 Is Impacting Not-for-Profit Entities October 16, 2018 To Receive CPE Credit Individuals Participate in entire webinar Answer polls when they
More informationAnnual Nonprofit Accounting and Auditing Update
Annual Nonprofit Accounting and Auditing Update July 21, 2016 BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee,
More informationImplementing Revenue Recognition for Health Care Organizations J A N U A R Y
Implementing Revenue Recognition for Health Care Organizations J A N U A R Y 2 0 1 9 AGENDA 1 Introductions & Objectives 2 Background, Key Principles, & Transition 3 Common Industry Implementation Challenges
More informationBoard Meeting Handout Disclosure Framework Fair Value Measurement March 4, 2015
Board Meeting Handout Disclosure Framework Fair Value Measurement March 4, 2015 PURPOSE OF THIS MEETING 1. The March 4, 2015, Board meeting is a decision-making meeting on fair value measurement disclosures
More informationBusiness Combinations (Topic 805)
Proposed Accounting Standards Update Issued: February 14, 2019 Comments Due: April 30, 2019 Business Combinations (Topic 805) Revenue from Contracts with Customers Recognizing an Assumed Liability a consensus
More informationImplementing Revenue Recognition for Health Care Organizations S E P T E M B E R 2 1,
Implementing Revenue Recognition for Health Care Organizations S E P T E M B E R 2 1, 2 0 1 8 INTRODUCTIONS Kimberly McKay, CPA Managing Partner kmckay@bkd.com Implementing Revenue Recognition for Health
More informationNot-for-Profit Entities (Topic 958)
Proposed Accounting Standards Update Issued: July 23, 2012 Comments Due: September 20, 2012 Not-for-Profit Entities (Topic 958) Personnel Services Received from an Affiliate for Which the Affiliate Does
More informationby Joe DiLeo and Ermir Berberi, Deloitte & Touche LLP
Heads Up May 11, 2016 Volume 23, Issue 14 In This Issue Collectibility Presentation of Sales Taxes and Similar Taxes Collected From Customers Noncash Consideration Contract Modifications and Completed
More informationLAW AND ACCOUNTING COMMITTEE SUMMARY OF CURRENT FASB DEVELOPMENTS 2017 Fall Meeting Washington DC
LAW AND ACCOUNTING COMMITTEE SUMMARY OF CURRENT FASB DEVELOPMENTS 2017 Fall Meeting Washington DC Randall D. McClanahan Butler Snow LLP randy.mcclanahan@butlersnow.com ACCOUNTING STANDARDS UPDATE NO. 2017
More informationDeloitte & Touche LLP
695 East Main Street Stamford, CT 06901-2141 Tel: +1 203 708 4000 Fax: +1 203 708 4797 www.deloitte.com Ms. Susan M. Cosper Technical Director Financial Accounting Standards Board 401 Merritt 7 P.O. Box
More informationNew Guidance for Recording Contributions, Grants and Contracts
New Guidance for Recording Contributions, Grants and Contracts Trevor W. Williams, CPA Nonprofit Audit Partner Gelman, Rosenberg & Freedman CPAs twilliams@grfcpa.com 301-951-9090 Why? Revenue is a key
More informationNot-for-Profit Year-End Accounting Update A road map to upcoming changes. December 5, 2017
Not-for-Profit Year-End Accounting Update A road map to upcoming changes December 5, 2017 2017 Crowe 2017 Crowe Horwath Horwath LLP LLP Housekeeping All phones will be automatically muted upon entering
More information(Updated sections are indicated with an asterisk *)
FASB Project Update Disclosures about Risks and Uncertainties and the Liquidation Basis of Accounting (Formerly Going Concern) Last updated on February 24, 2012. Please refer to the Current Technical Plan
More informationComment on the Exposure Draft ED/2010/6 Revenue from Contracts with Customers
22 October 2010 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir or Madame, Comment on the Exposure Draft ED/2010/6 Revenue from Contracts with Customers
More informationBoard Meeting Handout. Accounting for Financial Instruments: Classification and Measurement. March 12, 2014
Board Meeting Handout Accounting for Financial Instruments: Classification and Measurement Background March 12, 2014 1. At its January 29, 2014 meeting, the Board tentatively decided no longer to pursue
More informationAccounting Standard Updates
Accounting Standard Updates HFMA Spring Conference 2018 Presented by: Kimberly Sokoloff, Health Care Assurance Services Senior Manager Elizabeth Lasnier, Health Care Assurance Services Manager Presenters
More informationAccounting Standards Updates on the Horizon: What You Need to Know
Accounting Standards Updates on the Horizon: What You Need to Know Presenters Frank Jakosz, CPA, CGMA Partner-in-Charge Not-for-Profit and Higher Education Practices Sikich LLP Melisa Galasso, CPA, CGMA
More informationNON PROFIT 101 TERMINOLOGY AND FINANCIAL STATEMENTS. Sam Cheng, CPA
NON PROFIT 101 TERMINOLOGY AND FINANCIAL STATEMENTS Sam Cheng, CPA WELCOME TO NON PROFIT ACCOUNTING! Benefits of Being in NFP Accounting Giving Back to your Community Work for Fewer Hours Easier Work Good
More informationFASB Update for Non-Profits. Presented By: Amy Lewis
FASB Update for Non-Profits Presented By: Amy Lewis July 18, 2018 The Big 3 2 Implementation Dates New Reporting Model 12/31/18 6/30/19 Revenue Recognition Public: 12/31/18 or 6/30/19 Non-Public: 12/31/19
More informationTechnical Corrections and Improvements to Update No , Revenue from Contracts with Customers (Topic 606)
Proposed Accounting Standards Update Issued: September 19, 2016 Comments Due: October 4, 2016 Technical Corrections and Improvements to Update No. 2014-09, Revenue from Contracts with Customers (Topic
More informationBoard Meeting Handout The Liquidation Basis of Accounting and Going Concern Comment Letter Summary- Phase I (Liquidation Basis) November 6, 2012
Board Meeting Handout The Liquidation Basis of Accounting and Going Concern Comment Letter Summary- Phase I (Liquidation Basis) November 6, 2012 Purpose of today s meeting 1. On July 2, 2012, the FASB
More informationNot-for-Profit Accounting Update
Not-for-Profit Accounting Update Robert Cordero, CPA Partner Independent School Practice Leader Not-for-Profit Services 914-341-7031 Joseph Ali, CPA Partner Private Foundation and Not-for-Profit Services
More informationImplementing Revenue Recognition for Health Care Organizations
Implementing Revenue Recognition for Health Care Organizations AUGUST 6, 2018 TO RECEIVE CPE CREDIT Individuals Participate in entire webinar Answer polls when they are provided Groups Group leader is
More informationThe Greater Washington Educational Telecommunications Association, Inc. and Subsidiary. Consolidated Financial Statements June 30, 2018
The Greater Washington Educational Telecommunications Association, Inc. and Subsidiary Consolidated Financial Statements June 30, 2018 Contents Independent auditor s report 1-2 Financial statements Consolidated
More informationThere is no handout for this discussion.
Board Meeting Handout Accounting for Financial Instruments: Impairment August 1, 2012 There is no handout for this discussion. The staff prepares Board meeting handouts to facilitate the audience's understanding
More informationKellogg Community College Foundation. Financial Report May 31, 2018
Financial Report May 31, 2018 Contents Independent Auditor's Report 1 Financial Statements Balance Sheet 2 Statement of Activities and Changes in Net Assets 3 Statement of Cash Flows 4 5-12 Independent
More informationBoard Meeting Handout. Technical Corrections and Improvements July 30, 2014
Board Meeting Handout Technical Corrections and Improvements July 30, 2014 PURPOSE 1. The purpose of this meeting is to provide the Board with suggested changes to the FASB Accounting Standards Codification
More informationRevenue From Contracts With Customers
September 2017 Revenue From Contracts With Customers Understanding and Implementing the New Rules An article by Scott Lehman, CPA, and Alex J. Wodka, CPA Audit / Tax / Advisory / Risk / Performance Smart
More informationDefining Issues. FASB Agrees to Issue New Consolidation Guidance. July 2014, No Key Facts
Defining Issues July 2014, No. 14-34 FASB Agrees to Issue New Consolidation Guidance At its July 16 meeting, the FASB voted to issue a new consolidation standard that would change the way reporting enterprises
More informationLiabilities & Equity Targeted Improvements
Liabilities & Equity Targeted Improvements July 19, 2016 Private Company Council (PCC) 1 EITF 07-5 Requires liability classification for instruments with down round features (strike price adjusts down
More informationThe views in this summary are not Generally Accepted Accounting Principles until a consensus is reached and it is ratified by the Board.
Memo No. Issue Summary No. 1, Supplement No. 1 * MEMO Issue Date September 13, 2018 Meeting Date(s) EITF September 27, 2018 Contact(s) Ryan Carter Project Manager, Lead Author (203) 956-5379 Jason Bond
More informationBKD NATIONAL NOT-FOR-PROFIT GROUP
BKD NATIONAL NOT-FOR-PROFIT GROUP COMMON NOT-FOR-PROFIT REPORTING ERRORS PRESENTED BY: BKD, LLP AGENDA About the AICPA report Identification of contributions Classification of net assets Presentation of
More informationJEWISH FEDERATION OF GREATER PITTSBURGH Pittsburgh, Pennsylvania
JEWISH FEDERATION OF GREATER PITTSBURGH Pittsburgh, Pennsylvania Combined Financial Statements and Supplementary Combining Information For the years ended June 30, 2018 and 2017 and Independent Auditors
More informationGAAP Insurance Contracts Project - Life
GAAP Insurance Contracts Project - Life Session Number 405 IASA 86 TH ANNUAL EDUCATIONAL CONFERENCE & BUSINESS SHOW Today s Speakers John T. Kelley AVP, Accounting Policy Lincoln Financial Group Gregory
More informationThe Associated: Jewish Community Federation of Baltimore, Inc. Associated Jewish Charities of Baltimore Jewish Community Investment Fund
The Associated: Jewish Community Federation of Baltimore, Inc. Combined Financial Report June 30, 2018 Contents Independent auditor s report 1-2 Financial statements Combined statements of financial position
More informationDevelopment Stage Entities (Topic 915)
Proposed Accounting Standards Update Issued: November 7, 2013 Comments Due: December 23, 2013 Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements This Exposure
More informationMr Hans Hoogervorst Chairman IFRS Foundation 30 Cannon Street London EC4M 6XH United Kingdom (By online submission)
A S C ACCOUNTING STANDARDS COUNCIL SINGAPORE 30 October 2015 Mr Hans Hoogervorst Chairman IFRS Foundation 30 Cannon Street London EC4M 6XH United Kingdom (By online submission) Dear Hans RESPONSE TO EXPOSURE
More informationBoard Meeting Handout Agenda Prioritization Board Meeting August 19, 2015
Board Meeting Handout Agenda Prioritization Board Meeting August 19, 2015 PURPOSE OF THIS MEETING 1. The purpose of this decision-making Board meeting is for the Board to consider five potential new projects
More informationAmendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IAS 19 Employee Benefits
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IAS 19 Employee Benefits 30 Cannon Street, London EC4M 6XH, UK Phone: +44 (20) 7246 6410, Fax: +44 (20) 7246 6411 Email:
More informationA&A UPDATE 2018 RECENTLY ISSUED PRONOUNCEMENTS 10/11/2018. ASU Intangibles Goodwill and Other Internal-Use Software (Subtopic )
A&A UPDATE 2018 RECENTLY ISSUED PRONOUNCEMENTS Pronouncement ASU 2018-15 Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40) Effective Date December 31, 2019 public; December 31, 2020
More informationNFP Financial Reporting: Financial Statements Project Tentative Project Plan
NFP Financial Reporting: Financial Statements Project Tentative Project Plan Project Objective: As reported in the SDR for Board meeting of November 9, 2011 and on project web page: The standards-setting
More informationIFRS Project Insights Insurance Contracts
IFRS Project Insights Insurance Contracts October 2015 The International Accounting Standards Board ( IASB / the Board ) is undertaking a comprehensive project on the accounting for insurance contracts,
More informationFASB Transition Resource Group for Revenue Recognition Capitalization and Amortization of Incremental Costs of Obtaining a Contract
TRG Agenda ref 57 STAFF PAPER Project Paper topic November 7, 2016 FASB Transition Resource Group for Revenue Recognition Capitalization and Amortization of Incremental Costs of Obtaining a Contract CONTACT(S)
More informationWorking Draft: Not-for-Profit Revenue Recognition Implementation Issue. Financial Reporting Center Revenue Recognition
December 1, 2017 Financial Reporting Center Revenue Recognition Working Draft: Not-for-Profit Revenue Recognition Implementation Issue Issue #11-5: Not-for-Profit Subscriptions and Membership Dues Expected
More informationTechnical Line. Consolidation considerations for asset managers FIN 46(R) to ASU What you need to know. Overview. FASB final standard
No. 2015-05 23 April 2015 Technical Line FASB final standard Consolidation considerations for asset managers FIN 46(R) to ASU 2015-02 In this issue: Overview... 1 Background... 2 Money market funds...
More informationCodification Improvements to Topic 326, Financial Instruments Credit Losses
Proposed Accounting Standards Update Issued: August 20, 2018 Comments Due: September 19, 2018 Codification Improvements to Topic 326, Financial Instruments Credit Losses The Board issued this Exposure
More informationFASB Emerging Issues Task Force
EITF Issue No. 08-10 FASB Emerging Issues Task Force Issue No. 08-10 Title: Selected Statement 160 Implementation Questions Document: Issue Summary No. 1, Supplement No. 1 Date prepared: January 6, 2009
More informationIASB Staff Paper February 2017
IASB Staff Paper February 2017 Effect of board redeliberations on the 2013 Exposure Draft Insurance Contracts About this staff paper This staff paper indicates where and how the proposals in the Exposure
More informationSIGNIFICANT ACCOUNTING & REPORTING MATTERS FIRST QUARTER 2017
SIGNIFICANT ACCOUNTING & REPORTING MATTERS FIRST QUARTER 2017 Significant Accounting & Reporting Matters First Quarter 2017 2 TABLE OF CONTENTS Financial Accounting Standards Board (FASB)... 3 Final FASB
More informationLAW AND ACCOUNTING COMMITTEE SUMMARY OF CURRENT FASB DEVELOPMENTS 2015 Fall Meeting Washington, DC
LAW AND ACCOUNTING COMMITTEE SUMMARY OF CURRENT FASB DEVELOPMENTS 2015 Fall Meeting Washington, DC Randall D. McClanahan Butler Snow LLP randy.mcclanahan@butlersnow.com ACCOUNTING STANDARDS UPDATE NO.
More informationBLUE GRASS COMMUNITY FOUNDATION, INC. AND AFFILIATE CONSOLIDATED FINANCIAL STATEMENTS
BLUE GRASS COMMUNITY FOUNDATION, INC. AND AFFILIATE CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS Report of Independent Auditors... 1 Page Financial Statements Consolidated Statements of Financial
More informationEFRAG Update. Summary of EFRAG meetings held in September Highlights. September 2011
September 2011 Summary of EFRAG meetings held in September 2011 On 2 September, EFRAG held a conference call on Business Combinations Under Common Control (BCUCC) and approved the Discussion Paper on BCUCC
More informationREVENUE RECOGNITION PROJECT UPDATED OCTOBER 2013 TOPICAL CONTENTS
REVENUE RECOGNITION PROJECT UPDATED OCTOBER 2013 TOPICAL CONTENTS STEP 1: IDENTIFY THE CONTRACT WITH A CUSTOMER... 3 Contracts with Customers that Contain Nonrecourse, Seller-Based Financing... 3 Contract
More informationStaff Paper Date October 2009
IASB Meeting Agenda reference Appendix to Paper 7 Staff Paper Date October 2009 Project Liabilities amendments to IAS 37 Topic In June 2005, the Board published for comment an Exposure Draft of Proposed
More informationISSUE 1: MERGERS BETWEEN NOT-FOR-PROFIT ORGANIZATIONS
Board Meeting Handout Not-for-Profit Mergers and Acquisitions September 19, 2007 PURPOSE 1. As part of its redeliberations of the October 2006 Exposure Draft, Not-for-Profit Organizations: Mergers and
More informationFASB Emerging Issues Task Force
The views in this summary are not Generally Accepted Accounting Principles until a consensus is reached and it is ratified by the Board FASB Emerging Issues Task Force Issue No. 10-F Title: Health Care
More informationRevenue Recognition (Topic 605): Revenue from Contracts with Customers
Revenue Recognition (Topic 605): Revenue from Contracts with Customers Comment Letter Summary Overview 1. The comment period on the June 2010 proposed Accounting Standards Update, Revenue Recognition (Topic
More informationNON-EXCHANGE EXPENSES
Meeting: IPSASB Consultative Advisory Group Agenda Meeting Location: Toronto, Canada Meeting Date: June 18, 2018 From: Paul Mason Item 7 For: Approval Discussion Information NON-EXCHANGE EXPENSES Project
More informationNEW REVENUE RECOGNITION GUIDANCE WHAT NONPROFITS NEED TO KNOW!
NEW REVENUE RECOGNITION GUIDANCE WHAT NONPROFITS NEED TO KNOW! March 8, 2018 BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited
More informationConsultation Paper XXX 2017 Comments due: XXX XX, Accounting for Revenue and Non-Exchange Expenses
Consultation Paper XXX 2017 Comments due: XXX XX, 2017 Accounting for Revenue and Non-Exchange Expenses This document was developed and approved by the International Public Sector Accounting Standards
More informationDRAFT 10/22/18. Mid-America Arts Alliance. Board of Directors, Audit and Finance Committee and Management , 2018
Mid-America Arts Alliance Report to the Board of Directors, Audit and Finance Committee and Management, 2018 Results of the 2018 financial statement audit, internal control matters and other required communications.
More informationBREAST CANCER RESEARCH FOUNDATION OF ALABAMA. Financial Statements For the Year Ended December 31, 2017
BREAST CANCER RESEARCH FOUNDATION OF ALABAMA Financial Statements For the Year Ended December 31, 2017 With Comparative Totals for the Year Ended December 31, 2016 Table of Contents Independent Auditor
More informationCONTACT(S) Jelena Voilo
IASB Agenda ref 10A STAFF PAPER REG IASB Meeting Project Paper topic Conceptual Framework Summary of tentative decisions CONTACT(S) Jelena Voilo jvoilo@ifrs.org +44 207 246 6914 November 2014 This paper
More informationCodification Improvements
Proposed Accounting Standards Update Issued: October 3, 2017 Comments Due: December 4, 2017 Codification Improvements The Board issued this Exposure Draft to solicit public comment on proposed changes
More informationIASB meeting Amendments to IFRS 17 Insurance Contracts Due process steps and permission for balloting
STAFF PAPER IASB meeting Project Paper topic Amendments to IFRS 17 Insurance Contracts Due process steps and permission for balloting CONTACT(S) Andrea Pryde apryde@ifrs.org +44 (0)20 7246 6491 April 2019
More information2018 Nonprofit Accounting and Reporting Update
The webcast will start at 1 p.m. Eastern Please note: Handout You can print or download the webcast handout at capincrouse.com/ webcast-accounting-update CPE CPE certificates will be emailed to you within
More informationCONTACT(S) Anne McGeachin +44 (0)
STAFF PAPER IASB meeting December 2018 Project Paper topic Insurance Contracts Variable fee approach CONTACT(S) Anne McGeachin amcgeachin@ifrs.org +44 (0)20 7246 6486 This paper has been prepared for discussion
More informationCOMMUNITY FOOD BANK OF NEW JERSEY, INC. Financial Statements. June 30, 2017 and With Independent Auditors' Reports
COMMUNITY FOOD BANK OF NEW JERSEY, INC. Financial Statements With Independent Auditors' Reports TABLE OF CONTENTS Independent Auditors Report 1 Financial Statements Statements of Financial Position 2 Statements
More informationFASB/IASB Joint Transition Resource Group for Revenue Recognition March 2015 Meeting Summary of Issues Discussed and Next Steps
TRG Agenda ref 34 STAFF PAPER Project Paper topic July 13, 2015 FASB/IASB Joint Transition Resource Group for Revenue Recognition March 2015 Meeting Summary of Issues Discussed and Next Steps CONTACT(S)
More informationBusiness combinations
May 2004 The International Accounting Standards Board met in London on 18 and 19 May 2004, when it discussed: Business combinations (phase II) Consolidation Financial instruments Financial risk disclosures
More informationCONTACT(S) Roberta Ravelli +44 (0) Andrea Pryde +44 (0)
STAFF PAPER IASB meeting Project Amendments to IFRS 17 Insurance Contracts Paper topic Overview of the amendments to IFRS 17 CONTACT(S) Roberta Ravelli rravelli@ifrs.org +44 (0)20 7246 6935 Andrea Pryde
More informationBusiness Combinations II
April 2006 IASB Update is published as a convenience to the Board's constituents. All conclusions reported are tentative and may be changed or modified at future Board meetings. Decisions become final
More informationAccounting and financial reporting activities for private companies
Accounting and financial reporting activities for private companies SECOND-QUARTER 2018 In this update, we highlight some of the more important 2018 second-quarter accounting and financial reporting activities
More informationThe Interpretations Committee discussed the following issues which are on its current agenda.
IFRIC Update From the IFRS Interpretations Committee January 2011 Welcome to the IFRIC Update IFRIC Update is published as a convenience to the IASB s constituents. All conclusions reported are tentative
More informationBusiness Combinations II
October 2006 IASB Update is published as a convenience for the Board's constituents. All conclusions reported are tentative and may be changed or modified at future Board meetings. Decisions become final
More informationNot-for-Profit Organizations in the Private Sector
Not-for-Profit Organizations in the Private Sector Accounting Standards Exposure Draft Linda Mezon, FCPA, FCA Chair, Accounting Standards Board Agenda Background AcSB s strategy for private sector NFPOs
More informationBoard Meeting Handout Derivatives Disclosure September 6, 2006
Board Meeting Handout Derivatives Disclosure September 6, 2006 At today s meeting, the Board will discuss the following issues related to derivatives disclosure: 1. Gross versus net presentation in tables
More informationBoard Meeting Handout Accounting for Financial Instruments: Hedging March 8, 2017
Board Meeting Handout Accounting for Financial Instruments: Hedging March 8, 2017 PURPOSE OF THIS MEETING 1. The purpose of this decision-making Board meeting is to discuss the following issues for redeliberation:
More informationThe Wang Center for the Performing Arts, Inc. (d/b/a Boch Center) and Subsidiaries
(d/b/a Boch Center) and Subsidiaries Consolidated Financial Statements and Consolidating Information CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATING INFORMATION C O N T E N T S Page Independent Auditor
More informationIASB Staff Paper May 2014
IASB Staff Paper May 2014 Effect of Board redeliberations on DP A Review of the Conceptual Framework for Financial Reporting About this staff paper This staff paper updates the proposals in the Discussion
More informationBoard Members. Minutes of March 18, 2015 Joint Board Meeting Stacey Sutay. Subject: Date: March 24, 2015
MINUTES To: From: Subject: cc: Board Members FASB staff Minutes of March 18, 2015 Joint Board Meeting Stacey Sutay Date: March 24, 2015 The Board meeting minutes are provided for the information and convenience
More informationIntangibles Goodwill and Other Internal-Use Software (Subtopic )
Proposed Accounting Standards Update Issued: March 1, 2018 Comments Due: April 30, 2018 Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40) Customer s Accounting for Implementation Costs
More informationFASB Emerging Issues Task Force. Issue No. 13-B Accounting for Investments in Qualified Affordable Housing Projects
EITF Issue No. 13-B FASB Emerging Issues Task Force Issue No. 13-B Title: Accounting for Investments in Qualified Affordable Housing Projects Document: Issue Summary No. 1, Supplement No. 2 Date prepared:
More informationAccounting Update: What s Now, New and Next. Convergence 2014 By Amy Michie, CPA and Bill Moss, CPA
Accounting Update: What s Now, New and Next Convergence 2014 By Amy Michie, CPA and Bill Moss, CPA FASB Pronouncements FASB Developments Relevant AICPA Technical Practice Updates FASB NFP Advisory Committee
More informationCONTACT(S) Jawaid Dossani +44 (0)
IASB Agenda ref 12 STAFF PAPER IASB Meeting Project Availability of a refund (Amendments to IFRIC 14) Paper topic Update and next steps CONTACT(S) Jawaid Dossani jdossani@ifrs.org +44 (0)20 7332 2742 June
More information