TQA for New COVID-19 Funds

TQA for New COVID-19 Funds

The AICPA has issued a TQA addressing questions about how for-profit and nonprofit entities account for the new restaurant revitalization and shuttered venue grants that have been received by many organizations. As there is no on point GAAP for for-profit entities, the TQA provides examples of guidance that can be applied by analogy.

IFR4NPO

IFR4NPO

Todays blog looks at a movement to develop internationally applicable financial reporting guidance for non-profit organizations. IFR4NPO has issued a consultation. This blog looks at Part 1 of the proposal which includes scope and overall conceptual framework to be used in the development of this international standard. Comments on Part 1 are due by July 30, 2021.

Goodwill Impairment Proposal

Goodwill Impairment Proposal

FASB has issued a proposal to adjust the timing for when private entities and nonprofits would be required to identify triggering events for goodwill impairment. After initially identified by the AICPA’s Technical Issues Committee (TIC), it was determined that the cost and complexity associated with an interim consideration for an annual reporting outweighed the benefit. Comments are due January 20.

Q3 2020 in Review

Q3 2020 in Review

Each quarter we review what issued as final standards during the quarter. While the Genuine Learning Blog focuses on what’s coming down the pike and tries to encourage participation in due process, we also know its important to be aware of what get’s finalized. The blog looks at the items issued by the AICPA, FASB and GASB that will be effective in the near future.

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