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 newly required disclosures about contributions of nonfinancial assets, but FASB also has issued other accounting standard updates (ASUs) that are becoming effective for NFPs. This article discusses the following recent ASUs that you may have overlooked:
ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which was effective upon issuance