Highlights of the March 2019 Meeting of the FASB's Not-for-Profit Advisory Committee
March 13, 2019
At its March 4–5, 2019, meeting, the FASB’s Not-for-Profit Advisory Committee (NAC) discussed (1) implementation issues related to certain FASB ASUs, (2) updating the definition of “collections,” and (3) other recently issued ASUs and ongoing FASB projects.
Implementation Issues Related to Certain FASB ASUs
Committee members discussed implementation issues related to the following guidance:
- ASU 2014-09, Revenue From Contracts With Customers.
- ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities.
- ASU 2016-02, Leases.
- ASU 2016-13, Measurement of Credit Losses on Financial Instruments.
- ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities.
- ASU 2018-07, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
Updating the Definition of “Collections”
The NAC discussed the Board’s redeliberations of its proposed ASU Updating the Definition of Collections.
Other Recently Issued ASUs and Ongoing FASB Projects
The NAC discussed comment-letter responses on the FASB’s proposed ASU Extending Private Company Alternatives on Certain Identifiable Intangible Assets and Goodwill to Not-for-Profit Entities and indicated that the feedback was generally positive. In addition, the Board discussed its projects on:
- Identifiable intangible assets and subsequent accounting for goodwill.
- Facilitation of the effects of the interbank offered rate transition on financial reporting.
- Balance sheet classification of debt.
- Financial performance reporting.
- The disclosure framework initiative.
For more information, see the meeting recap on the FASB’s Web site.