What Board Members Need to Know About Changes to Financial Statements

What Board Members Need to Know About Changes to Financial Statements

Financial Statements November 7, 2018 By: Jennifer Casacchia

As association boards govern their organizations, they must prioritize compliance with important and recent updates in financial standards. These accounting standards offer boards the opportunity to tell their stories more clearly and powerfully to potential donors.

In 2016, the Financial Accounting Standards Board issued a new standard pertaining to nonprofit financial statements: Accounting Standards Update (ASU) 2016-14 [PDF]. ...