News

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.

The White House proposes an additional cut to the Pell Grant Program surplus, members of Congress show support for tax-exempt bonds, and more.

The Governmental Accounting Standards Board’s recent Exposure Draft addresses subscription-based information technology arrangements, such as cloud computing. Proposed guidance uses new lease accounting concepts. Comments are due to GASB by August 23.

New rules specifying the standards institutions must meet to be deemed financially responsible took effect in October 2018. ED recently shared how to report litigation or other events that trigger mandatory disclosures and affirmed the borrower defense to repayment standard.

The Department of Education is accepting comments on its proposed Integrated Postsecondary Data System (IPEDS) survey changes through May 20. Most notably, proposed finance survey changes address tuition discounts, financial ratios, endowments, other post-employment benefits, and athletics.

The Governmental Accounting Standards Board has issued a proposed Implementation Guide to assist with implementing Statement 87, Leases. Comments are due to GASB by April 30.