ASU Tag

If your non-profit organization accepts contributions of nonfinancial assets, such as land, services, and supplies, you should know about Financial Accounting Standards Board rules approved last year. Accounting Standards Update, Not-for-Profit Entities (Topic 958): ‘Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets’ is...

In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that is especially complicated relates to ‘embedded’ leases. Updated Guidance Accounting Standards Update (ASU) No. 2016-02, ‘Leases (Topic 842)’, requires...

Traditionally, audit procedures for private companies tend to focus on the balance sheet. That is, auditors evaluate whether the book values of the company’s assets are overstated and its liabilities are understated. However, the income statement needs attention, too, especially in light of the updated...

The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details. Old rules Accounting Standards Codification (ASC) Topic 810, Consolidation, was designed to prevent companies...