What not-for-profits need to know about FASB’s new financial reporting standard
In August 2016, the Financial Accounting Standards Board released Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (Topic 958) which outlines the most significant changes to not-for-profit reporting standards since 1993.
Given the potential impact of this ASU on the financial statements presented in accordance with general accepted accounting principles (GAAP), Baker Tilly has developed a guide, with an accompanying practice aid, to assist with implementation of the new standard.
Our ASU 2016-14 guide offers key insights and examples regarding:
- Effective dates
- Key provisions
- Required disclosures
- Practical implementation steps
For more information on this topic, or to learn how Baker Tilly not-for-profit specialists can help, contact our team.
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