NOT2402. GAAP Update

In this session, we'll update you on developments in GAAP that are noteworthy for not-for-profits (NFPs). We'll discuss: new Accounting Standards Updates (ASUs); key implementation matters on recent standards; other current financial reporting issues; and select projects in the Financial Accounting Standards Board's (FASB) pipeline. We'll focus especially on: the FASB’s current overall agenda (including an upcoming public consultation); the FASB’s post-implementation review (PIR) process and associated activities (for Leases, Revenue Recognition, and CECL); recently issued ASUs on crypto assets and income tax disclosures; and current projects on the Accounting for Software Costs and Environmental Credit Programs. Please be sure to bring your questions!

Learning Objectives:

• Identify key projects on the FASB’s current technical and research agendas that could affect NFPs.
• Recognize the FASB’s PIR process and the key issues identified thus far in the PIRs of Revenue Recognition, Leases, and CECL.
• Analyze the potential effects on NFPs from the recent ASUs on Crypto Assets (2023-08) and Income Tax Disclosures (2023-09).
• Identify the key issues being addressed by the FASB in its current projects on the Accounting for Software Costs and Environmental Credit Programs.