I have a separate introductory comment on the FASB exposure draft. This more technical post is for the accountants in the audience.
The FASB’s Proposed Accounting Standards Update—Leases (Topic 840) will completely revise the accounting for leases. …
Disclosures for financed receivables (i.e. loans) and the allowance for losses will be dramatically expanded by Accounting Standards Update 2010-20, Receivables (Topic 310) – Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. …
Expanded disclosures for loans and allowance for credit loss – ASU 10-20Read More »
Fair value disclosures will increase for December 2010 financial statements. Accounting Standards Update 2010-06, Fair Value Measurements and Disclosures (Topic 820) will require a few new items. The two main items I see for small and medium-sized NPOs are first, disclosing transfers in & out of Level 1 & 2, and second, disaggregation of fair value disclosures. …
New accounting rules for mergers and acquisitions of nonprofit organizations are now in effect. In the past, when two nonprofit organizations came together, the accounting was essentially to combine the accounting information of the two entities. This is no longer allowed.
Under the new rules, there are mergers and acquisitions. The accounting for each is quite different. …