In August 2016, the FASB issued ASU No. 2016-14 Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities (ASU). The ASU is Phase I of the FASB project to update the financial statement presentation and disclosures for not-for-profit entities. It’s intended to improve the current net asset classification and the information presented in the notes about a not-for-profit’s liquidity, financial performance, and cash flows. The changes are expected to improve the usefulness of information provided to financial statement users and/or reduce complexities or costs for preparers or users of the financial statements.
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