Smith Schafer Audit Manager, Adam Kellerhals, hosted a live webinar where he discussed the liquidity requirement in the new accounting standard as it relates to nonprofit organizations. Click the video above to listen to the recording.
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On June 3, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-05, bringing relief for both for-profit and nonprofit entities. The standard allows entities who have not yet issued their financial statements to DELAY the implementation of ASU 2014-09, Revenue Recognition from Contracts with Customers (ASC 606).
Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic.
On April 14, the Governmental Accounting Standards Board (GASB) released a statement proposing the postponement of the effective dates of certain accounting and financial reporting requirements set to go into effect soon.
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