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.

Presentation & Disclosures by Not for Profit Entities for Contributed Nonfinancial Assets

Presentation & Disclosures by Not for Profit Entities for Contributed Nonfinancial Assets

FASB has issued a proposed ASU titled Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Gifts in kind have received a lot of attention for pharmaceutical donations but the proposal addresses all contributions on nonfinancial assets. The proposal includes unique presentation for these contributions as well as additional disclosures. Comments are due by April 10th.

FASB Staff Q&A: Not-for-Profit Grants and Contracts Standard

FASB Staff Q&A: Not-for-Profit Grants and Contracts Standard

The FASB has issued a Staff Q&A that addresses two few frequently asked questions about the application of the limited discretion indicator and the accounting for cost-sharing provisions when implementing ASU 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. The Q&A addresses cost sharing provisions as well as budgets and its impact on whether these stipulations would qualify as conditions for contribution accounting.

Definition of Direct Care of Collection Items

Definition of Direct Care of Collection Items

In March 2019, the FASB issued an ASU changing the definition of a collection to allow proceeds of a sale of a collection item to be used for the “direct care” of existing collection items. However, ASU 2019-03, did not address the definition of direct care leaving it...
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