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GASB Takes Detailed Look at Financial Reporting

The Governmental Accounting Standards Board (“GASB”) is currently working on or performing research concerning three projects to improve financial reporting for governmental entities. Two of the interrelated efforts, Financial Reporting Model Reexamination and Revenue and Expense Recognition, are currently on the GASB’s technical agenda. The third project, the Note Disclosures Reexamination, was added to the GASB’s pre-agenda research. The GASB timed each project in a staggered way to work on them in unison to be issued successively and in a timely manner. More on the financial reporting projects is available on GASB.org.

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Nonprofits Still Unsure of Grants Guidance for Revenue Standard

Facing implementation of the Financial Accounting Standards Board’s (“FASB”) revenue recognition standard in 2019, nonprofits are uncertain whether government grants and related contracts with government entities or foundations are to be classified as exchange transactions or contributions. The issue was the center of discussion at the September 8 meeting between the FASB and its Not-for-Profit Advisory Council, along with how the conditions and restrictions on such contributions should be distinguished. The meeting was part of the accounting board’s effort to streamline implementation of Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606). While the landmark standard outlines. Read More.

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