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The semi-annual meeting of the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee (NAC) had a packed agenda this month, which focused on post-implementation reviews for revenue from contracts with customers (Topic 606), contributions received and made (Accounting Standards Update 2018-08), and leases (Topic 842). FASB has posted the NAC meeting recap and materials, and meeting minutes are forthcoming.

The committee also addressed implementations in process, and soon-to-be-implemented guidance and amendments for leases and reference rate reform (Topic 848). New projects addressed included intangible assets, subsequent accounting for goodwill, and concepts affecting financial statement elements and interim disclosures.

Concerning revenue recognition, NAC members, including NACUBO, indicated that implementation was uneventful with no substantial changes in revenue amounts recognized. Regarding contributions under ASU 2018-08, NACUBO and others pointed out that the ASU was timely in accounting for federal pandemic assistance and that most work involved evaluating grant agreements.

Contact

Sue Menditto

Senior Director, Accounting Policy

202.861.2542


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