CPAs and Advisors with Your Growth in Mind

Recap of Private Company Council’s July 11 Meeting

Private Company Council (“PCC”) and Financial Accounting Standards Board (“FASB”) members met Tuesday to discuss stakeholder feedback from the June 13 private company town hall meeting. In addition, the PCC offered input on the following FASB projects: Consolidation Targeted Improvements to Related Party Guidance for Variable Interest Entities Liabilities and Equity—Targeted Improvements Cloud Computing (EITF Issue No. 17-A) Nonemployee Share-Based Payment Accounting Improvements Invitation to Comment on Agenda Consultation Balance Sheet Classification of Debt Updates on these FASB projects and a full meeting recap are available on the PCC website.

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Forthcoming Accounting Guidance Updates to Impact Nonprofits

Some of the Financial Accounting Standards Board’s Accounting Standards Updates will certainly have an effect on nonprofit organizations. As the standards’ effective dates draw near, the American Institute of Certified Public Accountants (“AICPA”) has highlighted five standards nonprofits should become familiar with: Going concern requirements Consolidation requirements Simplifying the presentation of debt issuance costs Fair value disclosures when net asset value per share is used Inventory measurement More on these standards is available on AICPA.org. In addition, Cherry Bekaert’s Melisa Galasso will host an AICPA webinar on April 25 to offer nonprofits guidance on these Accounting Standards Updates.

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