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