Cross-references between the FASB Accounting Standards Codification (ASC) and Previous Guidance
As more fully described in Chapter 1, the source of all authoritative generally accepted accounting principles for not-for-profit organizations is now contained in the FASB Accounting Standards Codification (ASC). The following tables cross-reference several of the more common ASC sections with the prior FASB pronouncements to assist readers in navigating the ASC. References in these charts to the AICPA Audit & Accounting Guide are to the 2012 edition of the Guide. Some chapters have been rearranged in the 2013 edition.
An additional table in this section provides the reader with a list of the relatively recently issued (2013 through September 2015) Accounting Standards Updates (“ASUs,” which amend the ASC) issued by the FASB. Most of the ASUs will not affect the accounting and financial reporting for many, if not all, not-for-profit organizations and are not discussed in this book. However, it is important for the reader to be aware of the changes being made to the ASC so that any potential impacts of these changes can be evaluated. Note that several ASUs beginning in 2014 are the result of consensus of the FASB's Private Company Council, which provides a simplified method of accounting and reporting for certain transactions of private business entities. These ASUs are not applicable to not-for-profit organizations.
Where a specific ASU is addressed in a chapter of this book, that chapter is indicated in the table.
ASC-from previous:
ASC | Subject Matter | Previous Guidance (primarily) |
958- | ||
10 | Overall | AAG (AICPA Audit Guide) Ch. 1 Para 15.04 |
20 | Financially-interrelated entities | FAS 136 |
30 | Split-interest agreements | AAG Ch. 6 DIG B-35 |
205 | Presentation of financial statements | FAS 117, FSP 117-1, FAS 124 |
210 | Balance sheet | FAS 117 |
225 | Income statement | FAS 117, others |
230 | Statement of cash flows | FAS 117, AAG Ch. 3 |
310 | Receivables | FAS 116, AAG Ch. 5 & others |
320 | Investments—debt and equity securities | FAS 124, AAG Ch. 8 |
325 | Investments—other | FAS 124, FSP 124-1, AAG Ch. 8 |
360 | Property, plant, and equipment | FAS 116, FAS 93, AAG Ch. 7, 9 |
405 | Liabilities | AAG Ch. 10, 11, 13, EITF D-089 |
450 | Contingencies | FAS 116, AAG Ch. 10, 3 |
470 | Debt | AAG Ch. 10 |
605 | Revenue recognition | FAS 116, FAS 136, AAG Ch. 5 |
715 | Compensation—retirement benefits | FAS 87, 88, 106, 132 (R), 158 |
720 | Other expenses | FAS 117, SOP 98-2, AAG Ch. 13 |
805 | Combinations | FAS 164 |
810 | Consolidation | SOP 94-3, FSP 94-3-1, EITF 90-15, 96-21, ARB 51 |
815 | Derivatives and hedging | DIG B-35 |
840 | Leases | SOP 94-3, EITF 90-15, 96-21, 97-01 |
Previous-to ASC:
Previous Guidance | Subject Matter | ASC (primarily) |
FAS 87, 88, 106, 132(R), 158 | Retirement benefits | 958-715 |
FAS 93 | Depreciation | 958-360 |
FAS 116 | Contributions | 958-605 |
FAS 117 | Financial statement presentation | 958-205, 210, 225, 230, 720 |
FSP 117-1 | Endowments | 958-205 |
FAS 124 | Investments | 958-320, 325, 205 |
FSP 124-1 | Investments | 958-325 |
FAS 136 | Pass-through gifts | 958-605, 20 |
FAS 157 | Fair value | 820 |
FAS 164 | Combinations | 958-805 |
FIN 48 | Uncertain tax positions | 740-10 |
DIG B-35 | Derivative in a split-interest | 958-30, 815 |
SOP 94-3 | Consolidation | 958-810 |
FSP 94-3-1 | Consolidation | 958-810 |
SOP 98-2 | Joint costs | 958-720 |
AAG-NPO Chapter: | ||
1 | Introduction | 958-10 |
2 | Auditing | (not in ASC) |
3 | Financial reporting | 958-205, 210, 230 |
4 | Cash | 958-210 |
5 | Contributions | 958-605, 310 |
6, DIG B-35 | Split-interest | 958-30, 815 |
7 | Other assets | 958-605, 360 |
8 | Investments | 958-320, 325 |
9 | Property, plant, and equipment | 958-360 |
10 | Liabilities | 958-405, 450, 720 |
11 | Net assets | 958-225 |
12 | Exchange transactions | 958-605, 310 |
13 | Expenses | 958-720, 225 |
14 | Auditors’ reports | (not in ASC) |
Para. 15.04 | Tax | 958-10 |
Rest of Ch. 15 | Tax | (not in ASC) |
16 | Fund accounting | (not in ASC) |
ASU Number | Topic | Chapter |
2017-01 | Business Combinations (Topic 805): Clarifying the Definition of a Business | |
2017-02 | Not-for-Profit Entities—Consolidation (Subtopic 958-810) Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity | 11 |
2017-03 | Accounting Changes and Error Corrections (Topic 250) and Investments—Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update) | |
2017-04 | Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment | 22 |
2017-06 | Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task For | |
2017-07 | Compensation—Retirement Benefits (Topic 715) Improving the Presentation of Periodic Pension Cost and Net Periodic Postretirement Benefit Cost | 25 |
2017-08 | Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization of Purchased Callable Debt Securities | 10 |
2017-09 | Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting | |
2017-10 | Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force) | |
2017-11 | Earnings per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 840); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception | |
2017-12 | Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities | 29 |
2017-13 | Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017, EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (SEC Update) | |
2017-14 | Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue Contracts with Customers (Topic 606) (SEC Update) | |
2017-15 | Codification Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995 | |
2018-01 | Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 | 28 |
2018-02 | Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | |
2018-03 | Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities | |
2018-04 | Investments—Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 | |
2018-05 | Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 | |
2018-06 | Codification Improvements to Topic 942, Financial Services—Depository and Lending | |
2018-07 | Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting | |
2018-08 | Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made | 9 |
2018-09 | Codification Improvements | |
2018-10 | Codification Improvements to Topic 842, Leases | 28 |
2018-11 | Leases (Topic 842): Targeted Improvements | 28 |
2018-12 | Financial Services—Insurance (Topic 944) | |
2018-13 | Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement | |
2018-14 | Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans | 25 |
2018-15 | Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract | 22 |
2018-16 | Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes | 29 |
2018-17 | Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities | |
2018-18 | Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 | |
2018-19 | Codification Improvements to Topic 326, Financial Instruments—Credit Losses | |
2018-20 | Leases (Topic 842): Narrow-Scope Improvements for Lessors | 28 |
2019-01 | Leases (Topic 842): Codification Improvements | 28 |
2019-02 | Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (920-350) | |
2019-03 | Updating the Definition of Collections | 15 |
2019-06 | Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities |