NACUBO Accounting Advisory Reports reflect prevailing preferred industry practice.
GASB's New Standard Covers Asset Retirement Obligations
January 05, 2017
In an effort to standardize financial reporting when laws govern how certain assets are retired from use, the Governmental Accounting Standards Board issued Statement No. 83, "Certain Asset Retirement Obligations," in December. The new standard is effective in FY19 for public institutions.
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May 22, 2020
FASB Finalizes Effective Date Postponements in Light of COVID-19
FASB officially approved the release of an Accounting Standards Update that postpones implementation dates by one year for leases for all independent institutions and revenue recognition for independent institutions without public or conduit debt.Read More →
May 14, 2020
GASB Issues New Guidance In Light of COVID-19
In response to the pandemic, the Governmental Accounting Standards Board has issued a new statement that extends implementation for most major standards by one year. Recently issued Implementation Guide 2020-1 reinforces delayed effectives dates and provides updated guidance.Read More →
April 24, 2020
ED Answers Financial Responsibility Rule Questions
In a recent Q&A, ED addresses concerns raised by higher education over lack of clarity in the new financial responsibility rules that take effect July 1.Read More →
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