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D.L. Clark Building
503 Martindale Street, Suite 600
Pittsburgh, PA 15212
p: 412.471.5500
f: 412.471.5508
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Butler

112 Hollywood Drive
Suite 204
Butler, PA 16001
p: 724.285.6800
f: 724.285.6875
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Harrisburg

The Quandel Building
3003 North Front Street, Suite 101
Harrisburg, PA 17110
p: 717.232.1230
f: 717.232.8230
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State College

243 South Allen Street
Suite 337
State College, PA 16801
p: 412.471.5500
f: 412.471.5508
Directions
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Erie

2216 West 50th Street
Suite 101
Erie, PA 16506
p: 814.983.0330
f: 412.471.5508
Directions
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Lancaster

26-28 West King Street
Suite 303
Lancaster, PA 17603
p: 717.232.1230
f: 717.232.8230
Directions
Email

Pursuing the Profession While Promoting the Public Good®

Contact Us
Pittsburgh

D.L. Clark Building
503 Martindale Street, Suite 600
Pittsburgh, PA 15212
p: 412.471.5500
f: 412.471.5508
Directions
<a href="mailto:ROgun@md-cpas.com">Email</a>

Butler

112 Hollywood Drive
Suite 204
Butler, PA 16001
p: 724.285.6800
f: 724.285.6875
Directions
<a href="mailto:ROgun@md-cpas.com">Email</a>

Harrisburg

The Quandel Building
3003 North Front Street, Suite 101
Harrisburg, PA 17110
p: 717.232.1230
f: 717.232.8230
Directions
<a href="mailto:ROgun@md-cpas.com">Email</a>

State College

243 South Allen Street
Suite 337
State College, PA 16801
p: 412.471.5500
f: 412.471.5508
Directions
<a href="mailto:ROgun@md-cpas.com">Email</a>

Erie

2216 West 50th Street
Suite 101
Erie, PA 16506
p: 814.983.0330
f: 412.471.5508
Directions
<a href="mailto:ROgun@md-cpas.com">Email</a>

Lancaster

26-28 West King Street
Suite 303
Lancaster, PA 17603
p: 717.232.1230
f: 717.232.8230
Directions
<a href="mailto:rogun@md-cpas.com">Email</a>

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Home > Industry Insights Blog > ASU Implementation Update

ASU Implementation Update

Non-profit entities should be aware of two important changes in implementation deadlines for the ASU Standards listed below:

ASU 2016-02, “Leases (Topic 842),” is now effective for the financial statements for the year beginning after December 15, 2020. This amendment will require lessees to recognize assets and liabilities on the statement of financial position for the rights and obligations created by all leases with terms of more than twelve months. Disclosures also will be required by lessees to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.

We encourage you to review our previous blog for helpful tips regarding how you can prepare for the implementation of ASU 2016-02.

ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” is now effective for the financial statements for the year beginning after December 15, 2022 (as amended by ASU 2018-19). This amendment requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. This includes loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.

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