Conditional promises should be recognised only when the conditions are substantially met. The second statement, No. 117, Financial Statements of Not-for-Profit Organisations, sets out the information to be contained in such organisations' external financial statements.Weiss, Susan E...
In 2015, the Financial Accounting Standards Board (FASB) issued an Exposure Draft (ED) as part of its first significant project in over 20 years on financial reporting by Not-for-Profit organizations (NFP). In this study, we categorize the 264 letters received on the ED by the type of re...
The Financial Accounting Standards Board (FASB) has released two statements (Numbers 116 and 117) that establish standards for external financial reporting by not-for-profit (NFP) organizations and the way in which such organizations account for contributions made and received. These standards, which...
The Financial Accounting Standards Board (FASB) is a private-sector body and not-for-profit. They are the organization responsible for setting a single source of standards for financial accounting. The FASB was created in 1973, when it replaced the Federal Accounting Standards Advisory Council. ...
Established in 1972, the FAF is the independent, private-sector, not-for- profit organization based in Norwalk, Conn., responsible for the oversight, administration, financing, and appointment of the FASB and the Governmental Accounting Standards Board (GASB). THE PROPOSED AMENDMENTS As per the ...
On December 20, 2018, the FASB issued a proposed Accounting Standards Update (ASU), which would extend the existing private company accounting alternatives on goodwill and certain identifiable intangible assets to not-for-profit entities (NFPs). ...
At last week’s meeting, the Board tentatively decided to exclude from the scope of the project (1) nonpublic entities with substantially all assets measured at fair value on a recurring basis and (2) not-for-profit entities. Editor’s Note: The Board also directed the staff to solicit ...
2004年10月，美国财务会计准则委员会（FASB ）与国际会计准则委员会（IASB ）召开的联合会议上，双方决定将改进并建立共同的财务会计概念框架项目列入联合项目的工作日程，并达成以下意向性协议：第一，趋同的财务会计概念框架初始阶段只针对企业主体（business entities ），嗣后再考虑扩展到其他非营利（not-for-profit ...
Discussion of the proposed regulations surrounding a not-for-profit’s reporting of contributed non-financial assets or “gifts-in-kind” – i.e., land, buildings, materials and supplies, food, clothing, etc.
New accounting rules published Tuesday by FASB establish whether and at what threshold an acquired business or not-for-profit organization can apply pushdown accounting. Pushdown accounting occurs in an acquisition when an acquired organization uses the acquirer’s basis of accounting to prepare its fin...