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Amisha Patel, CPA
May 10, 2019

To align its definition of “collections” with that used by the American Alliance of Museums, the FASB issued Accounting Standards Update (ASU) 2019-03Not-for-Profit Entities (Topic 958): Updating the Definition of Collections. The ASU applies to all entities that maintain collections, but primarily impacts nonprofit entities as collections are typically held by nonprofit organizations, such as museums, libraries, art galleries, science and technology centers, etc.

Karis Call
Apr 22, 2019

The Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2016-02Leases (ASC 842) on February 25, 2016, effectively eliminating off-balance sheet financing in the form of operating lease arrangements. ASC 842 requires all leases over one year in length to be reported on the balance sheet as both lease assets and lease liabilities as of the effective date of the standard.

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