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Accounting Standards Hub

Accounting Standards FinovatePro Supports

Reviewed by John S. Morlu II, CPA · Updated November 2026

FinovatePro is an industry-ready financial operating system that supports financial reporting under U.S. GAAP and IFRS, with industry-specific accounting structures for nonprofits, HOAs, healthcare, insurance, inventory businesses and government contractors. This page explains each standard in plain language and shows which FinovatePro industry solutions use it.

At a glance

Standards and the Industries That Use Them

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Standard What it covers FinovatePro industries
U.S. GAAP / IFRSOverall financial reporting frameworksAll industries
ASC 606 / IFRS 15Revenue from contracts with customersProfessional Services, Construction, General Contractors, Associations
ASC 842 / IFRS 16LeasesReal Estate & Property, Transportation & Logistics, Medical Practices
ASC 958Not-for-profit entitiesNonprofit, Faith Organizations, Schools, Associations
ASC 972Common interest realty associationsHOA & Communities
ASC 954Health care entitiesHospitals, Medical Practices
ASC 944 / IFRS 17Insurance entities and insurance contractsInsurance
ASC 330 / IAS 2InventoryRetail & Distribution
IPSASPublic sector entities outside the U.S.Government (IPSAS)
FAR, CAS, DCAA, SF 1408U.S. government contract cost accountingGovernment Contractors

Financial reporting frameworks

The Frameworks Behind Your Financial Statements

Framework

U.S. GAAP vs IFRS

U.S. GAAP is the accounting framework set by the Financial Accounting Standards Board (FASB) and organized in its Accounting Standards Codification (ASC). U.S. companies and nonprofits generally report under it. IFRS is issued by the International Accounting Standards Board (IASB) and is used in many countries outside the United States.

How FinovatePro supports it: financial reporting under U.S. GAAP or IFRS, depending on the organization's applicable reporting framework.

Used by: all FinovatePro industries →

Public sector

IPSAS

International Public Sector Accounting Standards are issued by the IPSAS Board for governments and public sector entities. They are used by public sector organizations in many countries; U.S. federal, state and local governments follow other frameworks.

How FinovatePro supports it: an IPSAS-oriented Government solution for applicable international public sector organizations. It is not positioned for U.S. government reporting.

Used by: Government (IPSAS) →

Cross-industry standards

Revenue and Lease Accounting

Revenue

ASC 606 / IFRS 15

The revenue standards under U.S. GAAP (ASC 606) and IFRS (IFRS 15), Revenue from Contracts with Customers. They use a five-step model: identify the contract, identify performance obligations, determine the price, allocate it, and recognize revenue as obligations are satisfied.

How FinovatePro supports it: contract and project structures, billing, WIP and contract assets and liabilities where applicable.

Used by: Professional Services · Construction · General Contractors · Associations

Leases

ASC 842 / IFRS 16

The lease standards under U.S. GAAP (ASC 842) and IFRS (IFRS 16). For most leases, a lessee records a right-of-use asset and a lease liability on the balance sheet, with limited exceptions such as short-term leases.

How FinovatePro supports it: structured lease, asset and debt records linked to the property, vehicle or location they relate to, where applicable.

Used by: Real Estate & Property · Transportation & Logistics · Medical Practices

Industry-specific standards

Standards for Specific Industries

ASC 958 — Not-for-Profit Entities

The U.S. GAAP topic for not-for-profit organizations. It requires reporting net assets with and without donor restrictions, a statement of activities, and expenses by both nature and function.

How FinovatePro supports it: funds, donor restrictions and releases, grants, programs and functional expense reporting.

Used by: Nonprofit · Faith Organizations · Schools · Associations

ASC 972 — Common Interest Realty Associations

The U.S. GAAP guidance that applies to common interest realty associations such as HOAs and condominium associations, including reporting on operating and replacement funds and disclosures about future major repairs.

How FinovatePro supports it: owner assessments, operating and reserve funds, special assessments and board-ready reports.

Used by: HOA & Communities

ASC 954 — Health Care Entities

The U.S. GAAP topic for health care entities such as hospitals and other care providers, covering matters specific to the sector alongside the general requirements of U.S. GAAP.

How FinovatePro supports it: payer receivables, department, facility and service-line reporting.

Used by: Hospitals · Medical Practices

ASC 944 / IFRS 17 — Insurance

ASC 944 is the U.S. GAAP topic for insurance entities; IFRS 17 is the IFRS standard for insurance contracts. Statutory reporting requirements may also apply to insurers.

How FinovatePro supports it: agency and broker accounting (premiums, commissions, producers). Insurer reserve and statutory functions require specialized validated modules.

Used by: Insurance

ASC 330 / IAS 2 — Inventory

The inventory standards under U.S. GAAP (ASC 330) and IFRS (IAS 2). They cover how inventory cost is measured and when it is written down. IAS 2 does not permit the LIFO cost method.

How FinovatePro supports it: inventory valuation and movement, COGS and margin by product and location.

Used by: Retail & Distribution

U.S. government contracting

FAR, CAS, DCAA and SF 1408

Government contractors follow cost accounting rules on top of U.S. GAAP. FinovatePro GovCon is built to support DCAA accounting-system requirements and SF 1408 criteria.

FAR Part 31

The Federal Acquisition Regulation cost principles that define which costs are allowable and how they are allocated on government contracts.

CAS

Cost Accounting Standards that govern consistency in measuring, assigning and allocating costs. They apply to certain contracts, where applicable.

DCAA

The Defense Contract Audit Agency audits contractors' accounting systems and costs. It evaluates the contractor's system and practices; it does not approve or certify software.

SF 1408

The pre-award survey form used to evaluate whether a prospective contractor's accounting system is acceptable for government contracts.

Used by: Government Contractors →

Good to know: the right accounting depends on your entity, contracts, legal form, jurisdiction and facts. Management and accounting professionals remain responsible for accounting judgments. This page is general information, not accounting advice. For training, see our Accounting Manuals.

FAQs

Accounting Standards FAQs

What is the difference between U.S. GAAP and IFRS?

U.S. GAAP is set by the FASB and used mainly in the United States; IFRS is issued by the IASB and used in many other countries. They share many principles but differ in areas such as inventory methods and certain presentation rules. FinovatePro supports reporting under either framework.

What is ASC 958?

ASC 958 is the U.S. GAAP topic for not-for-profit entities, covering net assets with and without donor restrictions, the statement of activities and functional expense reporting.

Is FinovatePro DCAA approved?

DCAA does not approve or certify accounting software. FinovatePro GovCon is built to support DCAA accounting-system requirements and SF 1408 criteria; the contractor's system and practices are what DCAA evaluates.

Does FinovatePro support IPSAS for U.S. governments?

No. FinovatePro's IPSAS-oriented Government solution is for applicable international public sector organizations, not U.S. federal, state or local government reporting.

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