FASB ASC Updates
Posted on Wednesday, July 20, 2011
There were 29 updates to the accounting standard codification (ASC) issued in 2010 and five so far in 2011. How does an accountant/bookkeeper in a small non-profit keep up to date on all the changes in the accounting literature without spending a lot of time and money?
Go to Asc.fasb.org (FASB Standards Issued in 2011) and look at the new or updated codifications that have been issued. You do not have to have a membership to this website to see or read the updates.
Open the update and scroll down to the paragraph titled “Who is affected by the amendments in this update?” You can then make the determination as to whether this update is something you should read further. There are some updates that may not be applicable.
If the update does affect your organization, make sure you note its effective date. This is in a paragraph titled “When will the amendments be effective?” Be careful, some effective dates are for periods beginning on or after …, and others are for periods ending on or after…. It also will let you know if early adoption is allowed.
By including this important step in the organization’s policy and procedures manual you can prove to your auditor, board or funding sources that you believe in keeping your financial staff up to date on these important changes.
Posted by: Susan Berghoff, CPA
Posted in Mission Minded Nonprofits
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