News

Advisory 19-02 addresses tuition and residential revenue and why such contracts with students typically would not be combined under Topic 606, Revenue from Contracts with Customers.

A new exposure draft attempts to clarify that Section 457 deferred compensation plans meet the definition of a pension plan and thus may have pension accounting and financial reporting requirements. Comments are due September 27.

The Governmental Accounting Standards Board has issued a new Implementation Guide to assist with implementing Statement No. 84.

The Governmental Accounting Standards Board is asking financial statement preparers to take a short survey on compensated absences to help inform their pre-agenda research.

A new Exposure Draft addresses public-private and public-public partnerships and proposes guidance for arrangements not covered by previous standards. Comments are due September 13.

In this edition: Senator Warren probes the legality of income-share agreements, Senator Wyden introduces legislation in response to the recent admissions scandal, and more.

A new Q&A addresses reporting for public institutions, as well as debt and liability triggers for all institutions. Institutions are expected to submit any necessary supplemental reporting that results from this new information by June 13.

The update helps to explain when and if budget or cost share requirements act as barriers to the entitlement of funds and consequently impact the timing of sponsored research revenue recognition.

On May 28 the Governmental Accounting Standards Board issued Statement No. 91, Conduit Debt Obligations, that requires one option for financial reporting by government issuers. The new guidance is effective in FY22 and would be applied retroactively.

FASB Accounting Standards Update 2019-06, 2019, issued on May 30, will simplify goodwill accounting for not-for-profit colleges and universities.