FASB Proposal Addresses In-Kind Gifts
In an effort to increase transparency about contributed non-financial assets, FASB’s exposure draft would require distinct financial statement presentation and enhanced disclosures.
GASB Proposal Addresses Defined Contribution Plans and Component Unit Criteria
A GASB exposure draft indicates that defined contribution benefit plans would not be included in fiduciary fund statements because the costs would not be worth the benefits. Comments are due April 10.
FASB Delays Implementation of Leases
Due to the impact of COVID 19 and following advocacy from NACUBO, the Financial Accounting Standards Board unanimously voted to provide an optional one-year implementation delay of ASU 2016-02, Leases, for all nonprofit entities. As a result, colleges and universities with conduit or public debt will have until FY21 to implement the lease standard.