Tag Archives: cash flows

FASB’s New Standard Aims to Improve Nonprofits Financial Reporting

After more than three years of debate and revision, the 20-year old reporting model for nonprofits is being replaced with a new and improved Accounting Standards Update (ASU). ASU 2016-14 presentation of financial statements of not-for-profit entities calls for big changes in the way not-for-profits report financials. It will change the way all nonprofits classify net assets and prepare financial statements.
FASB (Financial Accounting Standards Board) believes that this update will improve the financial statements of nonprofits and will provide more useful information to donors, creditors, grantors and other financial statement users.

This article lists the top 3 changes in nonprofits financial reporting that will be effective for fiscal years beginning after December 15, 2017 and for interim periods within fiscal years beginning after December 15, 2018.

Continue reading FASB’s New Standard Aims to Improve Nonprofits Financial Reporting