Over the past few years the Financial Accounting Standards Board (FASB) has issued a number of Accounting Standards Updates (ASU) whose effective dates are on the horizon. Our roundtable will provide an overview of the ASUs impacting the financial statements of not-for-profit organizations, including some lessons learned from the first year of the FASB’s new financial reporting model for not-for-profit organizations. We will also discuss the FASB’s new principles-based revenue recognition standard and a related ASU expected to be helpful in determining the accounting treatment for grants and similar contracts awarded by government agencies, private foundations, and others to not-for-profit organizations. Other ASUs we will discuss include the FASB’s new guidance on lease accounting and on the presentation of restricted cash.
In addition to the new accounting guidance, we will discuss some recent changes to the guidance used by auditors for performing audits of federal award programs under the OMB’s Uniform Guidance and to the process used to collect information about the results of those audits.
Our discussion leader is David Odahl, CPA, a senior manager at Wegner CPAs. David has over 20 years of experience working with not-for-profit organizations on a variety of financial statement and tax engagements. He currently oversees the firm’s quality control function, ensuring that the firm and its personnel are complying with applicable professional standards.