NOT2302. GAAP Update

In this session, we'll update you on developments in GAAP that are noteworthy for NFPs. We'll discuss new Accounting Standards Updates (ASUs), key implementation issues on recent standards and other current financial reporting issues, and select projects in the FASB's pipeline. We'll focus especially on: changes to the FASB's Technical and Research agendas since last year's conference; Leases, including new guidance on Common Control Arrangements; Credit Losses; Reference Rate Reform; and the current projects on Crypto Assets and Software Costs. Please be sure to bring your questions!

Learning Objectives:

• Identify the requirements of key new ASUs affecting NFPs
• Determine and discuss, at a general level, some key areas of judgment in implementing recent standards on Leases and Credit Losses
• Distinguish between those assets that are subject to the new Credit Losses guidance and those that are not
• Analyze, at a general level, recent changes to the FASB's agenda and the current status of noteworthy current FASB projects, especially on Crypto Assets and Software Costs