The proposed tax legislation is still far from law, but the not for profit community may be negatively impacted by the current proposals. Simply put, many taxpayers who currently itemize, may take the standard deduction under the proposed legislation thereby reducing the benefit of making a charitable contribution.
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.