On August 18, 2016, the Financial Accounting Standards Board (FASB) issued the long awaited Accounting Standards Update (ASU) addressing not-for-profit financial reporting. FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, is aimed at enhancing and improving net asset classification, the information about liquidity and availability of resources, the information about expenses and investment return, and the presentation of operating cash flows. These are the first major changes to not-for-profit financial statement presentation standards in over 20 years.
A full copy of FASB ASU No. 2016-14 can be found here:
[su_button link=”http://www.fasb.org/cs/ContentServer?c=Document_C&pagename=FASB%2FDocument_C%2FDocumentPage&cid=1176168381847&mc_cid=fbb02b926c&mc_eid=7836f9cfa0″ color=”#8c2633″ size=”5″ style=”2″ dark=”0″ radius=”auto” align=”middle” target=”blank”]FASB ASU No. 2016-14[/su_button]
The items included in this ASU are effective for annual financial statements issued for fiscal years beginning after December 15, 2017. Early application is permitted.
If you have any questions regarding FASB ASU No. 2016-14, feel free to contact Jim Shellenberger, Principal, at firstname.lastname@example.org . Additional information regarding the specific requirements of this ASU will be shared by McKonly & Asbury in future posts and other educational opportunities.