Though all public business entities, certain nonprofit entities and certain employee benefit plans were required to adopt Topic 606 for years beginning after December 15, 2017, private business entities were not
Under the revised guidance, all entities are required to account for the derecognition of a business or nonprofit activity in accordance with the derecogntion guidance in ASC Topic 810,Consolidation. In other words, businesses and nonprofit activities are excluded from the scope of ASC Subtopic 610...
Chapter 1/ Lesson 5 1.4K In this lesson, we will discuss how GASB (Government Accounting Standards Board) and FASB (Financial Accounting Standards Board) differ in reporting for government and nonprofit organizations. Related to this Question