Implementing new NFP financial reporting

Written on Apr 04, 2019

Voice MarchApril_19_web“As users begin implementing new financial reporting requirements for not-for-profit entities, what are common implementation challenges with the newly effective standard?” writes Laura Hay, CPA, CAE, in the March/April issue of CPA Voice.

After FASB issued the ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, notable areas include net asset classification, statement of cash flows and investment income. Changes that might require greater recordkeeping or preparation are functional expense reporting, liquidity disclosures and underwater donor-restricted endowments.

After receiving comments on the standard, including from the OSCPA Accounting and Auditing Committee, FASB stopped short of implementing an entirely new financial reporting model. Read the article online now to learn more.

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