2B.1 FASB Updates (Jeff Mechanick)
10:20 AM-11:35 AM
In this session, the FASB’s lead staff member for the not-for-profit (NFP) sector will guide us through the latest developments in GAAP that are noteworthy for NFPs. We’ll discuss new and recent Accounting Standards Updates (ASUs); key implementation matters on recent standards; and select projects in the FASB’s pipeline. We’ll focus especially on the following: the FASB’s current agenda and its public agenda consultation; recent and pending ASUs (e.g., Applying CECL to Short-Term Receivables) and ASUs now effective (e.g., Common Control Leasing Arrangements, Crypto Assets); and various current technical agenda and research projects (e.g., Software Development Costs, Intangible Assets). We’ll leave time for Q&A, so please be sure to bring your questions!
Learning Objectives:
• Describe the key provisions of recent and pending ASUs such as those on Applying CECL to Short-Term Receivables, Common Control Leasing Arrangement, and Crypto Assets, and their applicability to your organization or clients
• Identify and describe, in general terms, those projects on the FASB’s current agenda that could affect GAAP financial reporting by your organization or your clients
• Describe the purpose and process of the FASB’s current public agenda consultation and how stakeholders can weigh in.
2B.2 Key Updates in YB & Uniform Guidance: A High-Level Snapshot (Alex Romero)
11:35 AM-12:00 noon
This micro-session will cover the changes you need to know about the 2024 Yellow Book and the 2024 Uniform Guidance which will be impacting engagements this year.