The purpose of this paper is to provide a brief explanation and summary of accounting and auditing developments from the year 2017. The accounting pronouncements discussed in this paper have been selected for their potential relevance to nonprofit affordable housing organizations and their auditors.
The accounting and auditing guidance topics covered in the current-year update consist of the following:
- Prior updates effective in the current year
- Goodwill impairment
- Consolidation guidance for NFPs
- Definition of a business
- Going concern
- Pension costs
- Uniform guidance (Financial discussion paper on UG available here.)
- Revenue recognition of grants and contracts
- Land easements
- Proposed auditors’ report changes
- Not-for-Profit Advisory Committee highlights
A webinar covering these topics as well as Tax Reform is also available here.