Accounting Standards Update No. 2016-14 is the first major update to nonprofit accounting in almost 25 years. Becoming familiar with the changes as soon as possible can smooth the transition for organizations. In implementing the new standard, nonprofits will have to make some important decisions, including: • How to disclose information regarding the function and [...]
In an effort to improve how nonprofits present their financial statements, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. This standard changes how a nonprofit organization categorizes its net assets, as well as the information presented in financial statements needed [...]
By Joe Ryan, ISCPA Nonprofit Organizations Committee Issue No. 2016-10 published by the ISCPA In August, the Financial Accounting Standards Board (FASB) issued a new accounting standard for nonprofit organizations, improving the presentation of the net asset classification, liquidity and cash flows. The standard will be effective for fiscal years beginning after Dec. 15, 2017 (calendar [...]
The FASB has issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, that changes how a not-for-profit organization classifies its net assets, as well as the information it presents in financial statements and notes about its liquidity, financial performance, and cash flows. The ASU requires amended [...]
The Financial Accounting Standards Board recently issued Accounting Standards Update No. 2016-02. The guidance affects entities, including nonprofits, that lease assets (lessees) and is intended to improve financial reporting of leasing transactions. Under the guidance, lessees must recognize assets and liabilities for leases with lease terms of more than 12 months. This includes both finance [...]
