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

Posted on 02.20.12

Author: Douglas K. Nickerson, CPA, CGFM, CFE, CIA

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.

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