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 are 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.
- What Nonprofits Need to Know About the FASB Financial Reporting Standards Changes
- Simplifying implementation of FASB’s not-for-profit financial reporting standard [Journal of Accountancy article by Chris Gordon and Ruth Granlund]
- Liquidity & Availability Disclosure Considerations for Churches in ASU 2016-14
- Qualitative Liquidity & Availability Disclosure Considerations for Churches in ASU 2016-14
- ASU 2016-14 and Schools: Quantitative Liquidity and Availability Disclosure Considerations
- ASU 2016-14 and Schools: Qualitative Liquidity and Availability Disclosure Considerations and Cash Management Practices
- New Financial Statement Model [CLA blog post by Fran Brown]
- A Deeper Dive Into ASU 2016-14 Implementation Issues
- Part Two – A Deeper Dive Into ASU 2016-14 Implementation Issues
- Part Three – A Deeper Dive into ASU 2016-14 Implementation Issues
- FASB ASU 2016-14: Expense Reporting Information
- FASB ASU 2016-14: Statement of Cash Flow
- FASB ASU 2016-14: Net Asset Classification Information
- FASB ASU 2016-14: Endowment Funds
- FASB ASU 2016-14: Liquidity Disclosures
- Nonprofit Financial Statement Standards Implementation [recorded webcast]
- ASU 2016-14 Reporting Changes are Finally Here: What You Need to Do to Be Ready [recorded webcast]
Contact us today to discuss how we can help your organization comply with these new standards.