FASB Continues Redeliberations of Proposed Changes to Not-for-Profit Financial Reporting
On March 2, 2016, the Financial Accounting Standards Board, (FASB) continued its consideration of feedback received from stakeholders on the April 2015 proposed FASB Accounting Standards Update, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities (the proposed Update). FASB redeliberations focused on two specific issues:
- Operating measure disclosures
- Information useful in assessing liquidity and availability
NFPs choosing to report a self-defined operating measure will need to include expanded disclosures on transfers affecting that operating measure. FASB also provided clarity on the objectives it has in mind for improving disclosures about how NFP's manage their liquidity to meet cash needs for general expenditures, the availability of liquid financial assets at the balance sheet date, and risks to liquidity.
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FASB Issues Final Standard on Lease Accounting
After several years of work, including collaboration with the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-02, Leases. The issuance and resulting application of this guidance will result in major changes in the financial reporting for leasing arrangements, particularly for lessees, as significantly more leasing arrangements will be reported on the balances sheets of lessees.
Click here to read a full summary of this important ASU. |
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Private Foundation Webinar Series
In case you missed our recent webinar series we have included the links for you to review. We work with many private foundations to ensure transactions are properly structured.
Learn more! Check out recent webinars on these important topics!
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NONPROFITS TALK BLOG
Read more recent updates on our nonprofits blog:
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