FASB's New Standard Aims to Improve Not-for-Profit Financial Reporting

ASU 2016-14 Replaces the Reporting Model That Has Existed for 20 Years
(From AICPA Not-for-Profit Section - Published August 18, 2016)

After more than three years of debate, comment, and revision, the Financial Accounting Standards Board’s (FASB) much-anticipated Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, was released on August 18, 2016. The newly released ASU will change the way all not-for-profits (NFPs) classify net assets and prepare financial statements.


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