FASB Releases Significant Not-for-Profit Financial Reporting Updates

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 on August 18, 2016, which is considered the most significant change to Not-For-Profit Financial reporting in over two decades. This update addresses various financial reporting changes and requirements, primarily related to the five categories of:

  • Net Asset Classification
  • Investment Return
  • Expenses
  • Liquidity and Availability of Resources
  • Statement of Cash Flows

We invite you to join McKonly & Asbury Partner Janice Snyder, and Principal Jim Shellenberger as they discuss a summary of these changes in the video below. Janice and Jim can be reached at jsnyder@mapcas.com and jshellenberger@macpas.com if you would like to further discuss this FASB update.

Jim Shellenberger, CPA

Jim Shellenberger, CPA

Jim Shellenberger is a Principal and a key leader in McKonly & Asbury’s Audit Segment, he leads many of the firm’s core audit and attest engagements, serving clients in a variety of industries, primarily focused on Not-For-Profit and Affordable Housing organizations. As a member of the Pennsylvania Institute of Certified Public Accountants, Mr. Shellenberger serves on the statewide nonprofit committee.

If you have any questions or would like to speak to someone about our services, please email Jim Shellenberger at jshellenberger@macpas.com.

Jim Shellenberger, CPA


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