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Enhances disclosures for self-imposed limits on the use of resources without donor-imposed restrictions and the composition of net assets with donor restrictions. Updates the accounting and disclosure requirements for underwater endowment funds.
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What does ASC 958-605 mean for a not-for-profit?
What is a not-for-profit entity (topic 958)?
What is FASB Accounting Standards Codification®?
Does subtopic 958-605 include disclosure requirements for contributed nonfinancial assets?
accounting standards update 2020-07—not-for-profit entities (topic 958): presentation and disclosures by not-for-profit entities for contributed nonfinancial assets
Sep 18, 2020 · Subtopic 958-605, Not-for-Profit Entities—Revenue Recognition, specifies requirements for the recognition and initial measurement of contributions and disclosure requirements for contributed services.
The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. An Accounting Standards Update is not authoritative; rather, it is a document that communicates how the Accounting Standards Codification is being amended.
Dec 4, 2020 · The ASU amends ASC 958-605 to require not-for-profit entities to (1) “present contributed nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash and other financial assets” and (2) disclose contributed nonfinancial assets.
ACCOUNTING STANDARDS UPDATE 2018-08—NOT-FOR-PROFIT ENTITIES (TOPIC 958): CLARIFYING THE SCOPE AND AC. We have updated our Privacy Policy. By continuing to use this website, you are agreeing to the new Privacy Policy and any updated website Terms.
A transaction or other event in which a not-for-profit acquirer obtains control of one or more nonprofit activities or businesses and initially recognizes their assets and liabilities in the acquirer’s financial statements.
