Description: The new FASB issued ASU 2016-14 regarding the presentation of not-for-profit reporting is effective beginning with December 31, 2018 reporting years. The ASU will result in significant changes to financial reporting and disclosures for all nonprofits. The presentation will cover the standard’s requirements and provide examples to help you gain an understanding of how to implement and comply with the new reporting model. The presentation will discuss the specific changes to various financial reporting requirements required by the new standard, including the reduction in the number of net asset classes, change in presentation of cash flows, and enhanced reporting on liquidity.
Background: In August, 2016 the Financial Accounting Standards Board issued ASU 2016-14 Presentation of Financial Statements of Not-For-Profit Entities, Topic 958 (“ASU 2016-14”). ASU 2016-14 is effective for annual financial statements issued for fiscal years beginning after December 15, 2017. ASU 2016-14 represents the most significant changes to not-for-profit (NFP) financial reporting in over 20 years. The requirements issued in ASU 2016-14 are designed to make it easier for financial statement users and stakeholders to understand NFP financial statements. ASU 2016-14 will impact financial reporting for all NFP entities, which will require financial officers at NFP entities to plan and prepare in order to comply with the new reporting requirements.
Audience: Not-for-profit CFOs, controllers, VP of finance, treasurers, and account managers
Delivery method: Group web-based
Advance preparation: None
Presenter: Mark Lockwitz