After being particularly slow with its standard setting in early 2018, the Financial Accounting Standards Board (FASB) has significantly picked up its pace in issuing new accounting guidance over the past few weeks. Also, in looking at the FASB’s technical agenda, there are several more Accounting Standards Updates (ASU) which the FASB plans to issue […]
Displaying: June 2018
The Tax Cuts & Jobs Act Impact on Section 529 Plans and ABLE Plans
Impact on 529 Plans The Tax Cuts & Jobs Act treats up to $10,000 a year for elementary and high school expenses per student as qualified under the Section 529 plan rules. Previously, Section 529 money could only be used for post-secondary education – think college and graduate schools. But now, the Tax Cuts & […]
A Challenging Aspect of ASU No. 2016-14
Nonprofits with December 31, 2018 year-ends will be implementing ASU No. 2016-14. As this effective date draws near, many are finding a challenging aspect of ASU No. 2016-14 to be the new disclosures related to: (1) how a nonprofit manages its liquid resources available to meet cash needs for general expenditures within one year; and […]
Topic 606 and Construction Revenue: What CPAs Need to Know
In May 2014, FASB issued an Accounting Standards Update regarding Topic 606: Revenue from Contracts with Customers, along with various amendments, to be implemented in 2017 and 2019. In this post, we’ll talk about exact adoption dates of the new construction revenue recognition standards, the major updates, and how you can help your construction clients […]