FASB’s Not-for-Profit Advisory Committee Holds Semiannual Meeting

The FASB’s Not-for-Profit Advisory Committee (NAC) held its semiannual meeting on September 10, 2024. Topics addressed at the meeting included:

• Overview of the FASB’s 2024 agenda consultation.
• Recent implementation of certain FASB standards, including ASC 842 (on leases) and ASC 326 (on credit losses).
• Updates on certain FASB projects, including those on the accounting for software costs, the accounting for environmental credit programs, and derivatives scope refinements.
• Recent concerns, trends, and observations associated with not-for-profit entities, including those related to cybersecurity risks, artificial intelligence, and financial reporting transparency.

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