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

Disclaimer: The information contained in Dulin, Ward & DeWald’s blog is provided for general educational purposes only and should not be construed as financial or legal advice on any subject matter. Before taking any action based on this information, we strongly encourage you to consult competent legal, accounting or other professional advice about your specific situation. Questions on blog posts may be submitted to your DWD representative.

"Bruner Dental has been with DWD for well over 15 years. The entire team at DWD has been helpful in many ways. From simple questions day to day, to audits, payroll needs, and much more; they…"

Rondell Nelson

Bruner Dental