Accounting for Leases in a Not-for-Profit
FASB’s lease standard had a major impact on the accounting and reporting of leases. Understand what practitioners should consider as they implement this standard.
Format
Online
NASBA Field of Study
Accounting
Level
Intermediate
CPE Credits
1
Author(s)
Melisa F. Galasso
Availability
1 year
Product Number
ALNFP22SSO
Accounting for Leases in an NFP
FASB’s lease standard changed the definition of a lease and how NFPs will account for certain leases.
A thorough review of an NFP’s leases should take place prior to the implementation of this standard to ensure accurate reporting.
The delay in the effective date of this standard will allow NFPs to take an inventory of their leases so they are ready to implement upon the effective date.
Who Will Benefit
Practitioners working in or with not-for-profits
Key Topics
- Accounting for leases
- Short term vs. long term lease treatment
Learning Outcomes
Recall the impact of FASB’s lease standard on financial reporting
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