This update is focused on improving financial reporting requirements for nonprofits including the current net asset classifications and information provided in the financial statements and notes about liquidity, financial performance and cash flows.
Accounting Standards Update No. 2016-14 was issued in August of 2016 and will be effective for nonprofits with fiscal years beginning after December 15, 2017 and interim periods within fiscal years beginning after December 15, 2018.
See below for a summary of the changes:
For more information please contact one of our professionals.