Accounting standards you might have overlooked
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Accounting standards you might have overlooked

May 13, 2021 · 3 min read



Not-for-profit entities (NFPs) recently have been focused primarily on the “big three” accounting standards of financial statement presentation, revenue recognition, and leases, but FASB has issued other accounting standard updates (ASUs) that also are becoming effective for NFPs. This article discusses some recent ASUs that you may have overlooked.

ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

This standard eliminates the concept of cost method investments and classifies investments into two categories:

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