Recent FASB Accounting Standards Updates Take Effect for Not-For-Profit Organizations

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Author: Douglas K. Nickerson, CPA, CGFM, CFE, CIA, CCA | Business Assurance & Advisory Services Partner

The Financial Accounting Standards Board (“FASB”) recently issued Accounting Standards Update (“ASU”) 2011-08, Intangibles – Goodwill and Other (Topic 350) in September 2011 and ASU 2011-04, Fair Value Measurement (Topic 820) in May 2011 that have become or will become effective within the next few months for most not-for-profit organizations. The amendments in both of these ASUs are effective for annual periods beginning after December 15, 2011.

Read More: FASB Accounting Standards

About the Author

Doug shares his real estate and construction accounting insights with his clients to help them achieve their financial goals. He is a member of Keiter’s Real Estate and Construction team. Doug has over 18 years of experience in corporate accounting and public accounting providing audit and consulting services. Read more of Doug’s insights on our blog.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


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