Latest News
Implementing new NFP financial reporting
Written on Apr 4, 2019
“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.
Don’t miss this convenient, self-study CPE – Now free!
Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue.
Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge.
Best of all, you can take the exam when and where it’s convenient for you. Exams remain available online – and may be completed for CPE – through the same month of the following year.