News

New Department of Education borrower defense rules affect both public and private institutions. NACUBO’s guidance explains how to comply with the regulations.

In comments to the Governmental Accounting Standards Board on Section 457 plans, NACUBO suggested that GASB clarify their definition of a pension plan in its proposed guidance.

In comments to the Governmental Accounting Standards Board on public-private and public-public partnership arrangements, NACUBO agreed with GASB’s proposed consistent application of its “right of use” accounting methodology.

ED announced its intention to finalize sweeping changes to the current borrower defense rules, which include revisions to financial responsibility composite score calculations. Although the rules have not yet been finalized, the regulations relating to financial responsibility will be available for immediate implementation as soon as they are published in the Federal Register.

In comments to the Governmental Accounting Standards Board on subscription-based information technology arrangements, NACUBO agreed with the proposed recognition methodology but questioned disclosures and transition guidance.

NACUBO Advisory 19-03 illustrates FASB Topic 606 disclosures and provides reasoning for the limited impact on higher education institutions.

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.