GOV2004. FASB Update

In this session, we'll bring you up-to-date on the latest developments in GAAP that affect NFPs.  We'll talk about the FASB's overall agenda, especially COVID-19-related activities and accounting issues.  We'll explore implementation issues related to the new Leases standard (Topic 842; deeper dive in separate session) and other recent standards.  And we'll discuss recent ASUs (especially, ASU 2020-07 on Gifts-in-Kind) and current FASB projects.

Learning Objectives:

• Identify the FASB's agenda priorities, especially those related to COVID-19, including where to find resources that the FASB has provided.
• Analyze key aspects of recent ASUs and select FASB projects, and of key implementation issues with Topic 842 and other recent standards.