Not-for-Profit Statements Being Overhauled by ASU 2016-14

The Financial Accounting Standards Board (FASB) revised the not-for-profit reporting model in its Accounting Standards Update (ASU) 2016-14, released in August 2016. ASU 2016-14 is effective for fiscal years beginning after Dec. 15, 2017.

The most significant provisions of the update address four areas: classification of net assets, liquidity disclosures, functional expenses, and the classification and disclosure of underwater endowments. Read Partner Lisa Ritter's full article on how these changes will impact your organization's financial reporting in the summer edition of the Pennsylvania CPA Journal.