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.