Update to Nonprofit Accounting Standards Released

counting game August 29, 2016 By: Cathy J. Clarke

The Financial Accounting Standards Board's update to standards regarding nonprofit presentation of financial statements will spell big changes for associations and their financial reporting. The updated standards into effect for fiscal years beginning after December 15, 2017, but have been released now to give organizations plenty of time to prepare.

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update "2016-14—Not-For-Profit Entities (Topic 958): Presentation of Financial Statements of Not-For-Profit Entities," which will impact all nonprofit entities. The accounting standard update (ASU) is the result of a determination by the FASB that financial statements of nonprofits could be improved to provide more useful information to donors, grantors, creditors, and others. ...