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DIOCESAN FINANCIAL MANAGEMENT (A GUIDE TO BEST …

DIOCESAN FINANCIAL MANAGEMENT (A GUIDE TO BEST PRACTICES) NEW ACCOUNTING STANDARDS The FINANCIAL Accounting Standards board (FASB) has issued several new accounting standards pertaining to not-for-profit entities, revenue recognition, and leasing which will take effect over the next few years. They are: Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU No. 2014-15, Presentation of FINANCIAL Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity s Ability to Continue as a Going Concern.

The Financial Accounting Standards Board (FASB) has issued several new accounting standards pertaining to not-for-profit entities, revenue recognition, and leasing which will take effect over ... The remainder of this chapter addresses several financial management issues that are offered as advice to diocesan bishops to be used in their ...

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