In August 2016, the Financial Accounting Standards Board released Accounting Standards Update (ASU) 2016-14, a not-for-profit accounting standard for financial reporting. This marks the largest change to financial reporting in 20 years. The ASU aims to improve the usefulness of information provided to not-for-profit financial statement users by eliminating diversity in practice, enhancing financial performance comparability and increasing transparency around financial resource availability. During the webinar, we’ll examine the significant changes, tips to begin preparing and example changes to the financial statements and footnotes.
Upon completion of this program, participants will be able to:
- Translate the provisions of the new not-for-profit reporting standard
- Recognize the implications of the new standard on their financial statements
- Identify what they should be doing now to prepare