The FASB’s lead staff person for not-for-profit matters will guide you through recent and potential developments in GAAP that affect the sector. We’ll focus especially on the FASB’s efforts and guidance regarding COVID-19-related reporting challenges (including CARES Act and other government funding); the new Leases standard (Topic 842), recently deferred for most NFPs; the FASB’s recent ASU (2020-07) aimed at increasing transparency in the reporting of gifts-in-kind; and the FASB’s current project on goodwill and intangibles.
Jeffrey D. Mechanick, CPA, CGMA/Assistant Director/FASB/Norwalk, CT