GASB Proposal Addresses Defined Contribution Plans and Component Unit Criteria
A GASB exposure draft indicates that defined contribution benefit plans would not be included in fiduciary fund statements because the costs would not be worth the benefits. Comments are due April 10.
FASB Delays Implementation of Leases
Due to the impact of COVID 19 and following advocacy from NACUBO, the Financial Accounting Standards Board unanimously voted to provide an optional one-year implementation delay of ASU 2016-02, Leases, for all nonprofit entities. As a result, colleges and universities with conduit or public debt will have until FY21 to implement the lease standard.
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.