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We track action in the catalog of this consortia standards developer because we continually seek ways to avoid spending a dollar to save a dime; characteristic of an industry that is a culture more than it is a business.

 

While not an ANSI accredited the FASB/GASB standards setting enterprise’s due process requirements (balance, open-ness, appeal, etc.)* are “ANSI-like” and widely referenced in education enterprise management best practice.  Recent action in its best practice bibliography is listed below

ACCOUNTING STANDARDS UPDATES ISSUED

For obvious reasons, we have an interest in its titles relevant to Not-For-Profit Entities

WHAT IS THE FASB NOT-FOR-PROFIT ENTITY TEAM


At present the non-profit titles are stable with the 2020 revision.  That does not mean there is not work than can be done.  Faculty and students may be interested in the FASG program linked below:

Academics in Standard Setting

Also, the “Accounting for Environmental Credit Programs”, last updated in January, may interest colleges and universities with energy and sustainability curricula.  You may track progress at the link below:

EXPOSURE DOCUMENTS OPEN FOR COMMENT

The Battle about Money

We encourage our colleagues to communicate directly with the FASB on any issue (Click here).   Other titles in the FASB/GASB best practice bibliography are a standing item on our Finance colloquia; open to everyone.  Use the login credentials at the upper right of our home page.

 

Issue: [15-190]

Category: Finance, Administration & Management, Facility Asset Management

Colleagues: Mike Anthony, Jack Janveja, Richard Robben

Workspace / FASB GASB

Academics in Standard Setting

 

IN FOCUS: Governmental and Not-for-Profit Accounting Webcast for Academics (November 11, 2022 | 1:00 – 2:40 PM EST)

Board Meeting

ACCOUNTING STANDARDS UPDATES ISSUED

Conceptual Framework for Financial Reporting

“Barrels of Money” 1897 Victor Dubreuil

 

We have followed Financial Accounting Standards Board catalog of best practice titles for several years now.  The FASB has a solid standards development enterprise that gets picked up in our algorithm and, for the moment, we simply pass along its live public consultation notices to the education community.  Administrative burden is often cited as an explanation for the rising costs of education so, to that extent, we have an interest in the FASB and GASB best practice literature.

From the project prospectus:

The Conceptual Framework establishes the concepts that underlie financial reporting. The Conceptual Framework is a coherent system of concepts that flow from the objective of financial reporting. The concepts address the selection of transactions, events, and circumstances to be represented and of items that meet the definitions of elements of financial statements; how those items should be recognized, measured, and disclosed; and how they should be summarized and presented in financial statements.

You will be asked to conform to FASB’s requirements for public comment.

Proposed Statement of Financial Accounting Concepts

Consultation closes November 13th.

We encourage user-interests in the administrative branches of educational organizations to collaborate directly with the FASB and its related unit, the Government Accounting Standards Board.  The user-interest in academia may be a grant seeking enterprise, or a research project that must undergo periodic audits.   It seems likely that FASB/GASB products ought to be part of an academic curriculum.

We maintain the FASB/GASB bibliography on the standing agenda of our periodic Finance teleconferences.  See our CALENDAR for the next online meeting.

 

Issue: [20-157]

Category: Finance, Blockchain

Colleagues:  Mike Anthony, Jack Janveja, Richard Robben

LEARN MORE:

Public Private Partnerships

This content is accessible to paid subscribers. To view it please enter your password below or send mike@standardsmichigan.com a request for subscription details.

Lease Accounting

The Battle about Money

The education industry provides a significant market for real property square-footage.   Operation and management of that square-footage — often widely scattered across the globe — is a consideration in our lower #TotalCostofOwnership agenda.  The Government Accounting Standards Board (FASB) has posted a public commenting opportunity on the answers to 81 questions that were posed in earlier drafts of its Implementation Guidance for Leases.

The requirements of this Implementation Guide apply to the financial statements of all state and local governments (which likely include school districts and public colleges, universities and technical schools).  The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on the requirements of Statement No. 87, Leases.   You may enter your comments on the exposure draft linked below:

GASB EXPOSURE DRAFT—IMPLEMENTATION GUIDE—LEASES

Comments are due April 30th.  Note that you will have to conform to GASB’s requirements for public comment.   We follow the GASB suite, but do not advocate here.  We are simply passing along the commenting opportunity.   Administrative burden is often cited as an explanation for the rising costs of education so, to that extent, we have an interest in the future of this document.  We encourage user-interest stakeholder in the administrative branches of educational organizations to collaborate directly with across the entire span of GASB consensus documents.

Of course, we are open every day at 11 AM Eastern time to walk through any standard.  We also devote one hour every month to Finance & Management standards.  See our CALENDAR for the next online teleconference.

Issue: [19-61]

Category: Finance & Management, Facility Asset Management

Colleagues: Richard Robben, John Kaczor, Matt Prozaki

#StandardsConnecticut

 

LEARN MORE:

 

PREVIOUS POSTS:

FASB | Revenue Recognition for Grants

https://standardsmichigan.com/fasb-not-for-profit-entities-accounting-guidance-for-contributions/

Not-for-Profit Update

Open for Comment / Finance

This content is accessible to paid subscribers. To view it please enter your password below or send mike@standardsmichigan.com a request for subscription details.

Workspace / FASB GASB

This content is accessible to paid subscribers. To view it please enter your password below or send mike@standardsmichigan.com a request for subscription details.

 

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