• Accounting guidance for contributions to not-for-profit groups is clarified

    The FASB updated U.S. GAAP to determine when a contribution to a not-for-profit organization should be accounted for as a contribution or an exchange and also decide when a contribution has conditions attached to it. The FASB says the accounting changes will resolve inconsistent reporting practices for cash payments and asset donations to not-for-profit groups by the recipients and the businesses, government bodies and not-for-profit groups that made them.
  • Update allows later adoption of revenue, leases standards for some businesses

    Businesses that meet the definition of a public business entity because their financial statements have to include, or be included, with the financial statements or financial information of other public companies can have more time to adopt the FASB's revenue recognition and lease accounting standards. The organizations can adopt the new standards at the same time as private companies, the FASB said in an update to U.S. GAAP.