FASB Not-for-Profit Advisory Committee Holds April 2020 Meeting

At its April 7, 2020, meeting, the FASB’s Not-for-Profit Advisory Committee (NAC) discussed (1) reporting of contributed nonfinancial assets by not-for-profit entities (NFPs) and (2) implementation of major/other updates.

In particular, NAC members expressed their support for deferring the effective date of ASC 842, Leases, by one year for NFPs and extending the comment period for the FASB’s proposed ASU Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.

For more information, see the meeting recap on the FASB’s Web site.