FASB’s Not-for-Profit Advisory Committee Holds Semiannual Meeting
April 8, 2024
The FASB’s Not-for-Profit Advisory Committee (NAC) held its semiannual meeting on March
26, 2024. Topics addressed at the meeting included:
- Recent implementation efforts related to several FASB standards, including ASC 606 on revenue from contracts with customers, ASC 842 on leases, and ASC 326 on credit losses.
- The FASB’s projects on (1) accounting for and disclosure of software costs, (2) accounting for environmental credit programs, and (3) derivatives scope refinements.
- Trends and concerns related to not-for-profit entities (NFPs), including NAC members’ observations. The discussion centered on the “range of business pressures that NFPs face and the associated consequences of those pressures on an NFP’s operations and financial reporting.”
For more information, see the meeting recap on the FASB’s Web site.