News

During NACUBO’s recent Town Halls about our updated guidance for estimating and reporting discounts on tuition and auxiliary services, several topics came up and are addressed in a new Q&A document.

GASB’s latest exposure draft would provide new implementation guidance for leases, subscription-based information technology arrangements, and accounting changes and error corrections. Comments are due January 20, 2023.

FASB has proposed a definition of “reporting entity,” with specific features. Comments are due January 16, 2023.

A summary of an IPEDS Finance Survey Technical Review Panel meeting held earlier this year is available for public comment. The panel was convened to discuss if the finance survey meets informational needs and how to improve the survey if not.

GASB’s latest exposure draft would require disclosures for risks related to concentrations or constraints that can affect service provision or obligation fulfillment. Comments are due September 30.

GASB’s latest guidance addresses notes disclosures to financial statements. Concepts Statements guide the board when formulating GAAP.

The form will be released this week and is required for quarterly reports due in July. In a major change, the new form will combine reporting for HEERF student aid and institutional aid awards.

In an effort to bring all types of compensated absences under a unified model, the Governmental Accounting Standards Board recently issued Statement No. 101, Compensated Absences. The new guidance will lead to recognition of a liability in more circumstances, most notably for nonvested sick leave.

The new standard defines four categories of accounting changes and error corrections and related accounting and financial reporting requirements and is effective in FY24 (with earlier application encouraged).

During Mental Health Awareness Month, the Department of Education released an FAQ that strongly encourages institutions to use HEERF funds to meet mental health and substance abuse disorder needs of students. Additional information can be found at NACUBO’s HEERF Resource Center.