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Significant Changes Coming for Financial Reporting of Not-for-Profits

Posted 4:00 AM by

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The update strives to improve how a not-for-profit organization provides information to those that rely on their financial statements. The ASU is effective for annual financial statements issued for fiscal years beginning after Dec. 15, 2017.

Not-for-profits need to become familiar with the ASU now to determine how it impacts their specific entities, and develop an implementation strategy before the ASU becomes effective.

Katz, Sapper & Miller’s Not-for-Profit Services Group has summarized the full 270-page standard into this brief guide which outlines the primary changes to the financial statements of not-for-profit organizations.

Want to learn more? Register to attend our seminar, “Not-for-Profit Accounting Update: A Conversation with the FASB,” on Oct. 10 in Indianapolis. Jeffrey D. Mechanick, assistant director for nonpublic entities with the FASB, will join us to address major developments in accounting standards that will impact not-for-profit entities, including ASU No. 2016-14.

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About the Author
Scott Schuster is a partner in Katz, Sapper & Miller's Audit and Assurance Services Group as well as the partner-in-charge of KSM's Not-for-Profit and Governmental Services Groups. Scott has served as auditor to a number of not-for-profits and local units of government. Connect with him on LinkedIn.


About the Author
Amanda Horvath is a director in Katz, Sapper & Miller’s Audit and Assurance Services Group. Amanda provides a wide variety of services, including financial statement audits, reviews, and consulting projects involving compliance and internal control issues. Connect with her on LinkedIn.

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