New Nonprofit Financial Reporting Standards

Is your organization ready for the new nonprofit financial reporting standards?

FASB Accounting Standards Update (ASU) 2016-14 is the most significant update to nonprofit financial reporting since 1993. These changes apply to all nonprofit entities and are designed to improve presentation of financial information.

The changes will be in effect for fiscal years beginning after December 15, 2017. Early adoption is permitted. When implemented, the new reporting and disclosures will apply retrospectively to all years presented for most items.

It’s important to begin planning for these changes now. Please seek guidance from your engagement team. We can help you prepare for these changes to make the process as easy and effective as possible.

Helpful resources:

Contact us today to discuss how we can help your organization comply with these new standards.