Simplifying and Improving Not-for-Profit Financial Statements

General Business

November 01, 2016
by Michelle Anderson, CPA, Rachel Most, CPA

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Michelle Anderson Michelle Anderson, CPA
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Rachel Most Rachel Most, CPA
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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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Length: 2 pages (PDF 86 kB)

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