The Financial Accounting Standards Board (FASB) provides the financial reporting model used by not-for-profit organizations. The 2016 update released in August includes the biggest changes to not-for-profit reporting in more than 20 years! The changes are effective for periods beginning after 12/15/2017, calendar year-end 2018 or fiscal years ending in 2018.
Key changes from existing practice include:
- Allowing free choice between the direct method and indirect method of presenting cash flows
- Improving the presentation and disclosures for net asset classes
- Enhancing information about the liquidity and availability of financial resources
- Providing better information about expenses and expense allocations
- And improving reporting of investment return
A Board Member’s Guide to Financial Reporting Changes is designed to help those responsible for your organization’s financials understand the FASB changes and how to be in compliance.
- What the new standard requirements are
- How the new standards will change financial statement
- When the new standards will take effect
- How executives and board members can prepare for these changes
Presenter(s): Bo Garner, CPA, MBA, Partner, Not-for-Profit Team Leader and Edward T. Yoder, CPA, MSA, Partner