Not-for-profit entities (NFPs) recently have been focused on two major upheavals in the accounting standards—leases and credit losses—and to a lesser extent, the required disclosures about contributions of nonfinancial assets, but FASB has also issued other accounting standard updates (ASUs) that affect NFPs. This article discusses the following FASB ASUs that you may have overlooked:
FASB ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which was effective upon issuance on December 21,