Nonprofit GAAP Update is brought to you by Lorman
Gain a better understanding of the new standards and stay updated and informed on what needs to be implemented.
It’s been over 20 years since the FASB did a complete re-evaluation of the financial reporting model used by nonprofit organizations. ASU 2016-14 Presentation of Financial Statements of Not-for-Profit Entities is a result of that process and will bring some important new changes to the financial statements of nonprofits. At the same time, new FASB requirements for revenue recognition including specific guidance for nonprofits’ contribution and grant income and leases, will also have significant impacts. Preparers, auditors and readers of nonprofit organization financial statements need to keep abreast of these changes, and this content is designed to provide you with practical information related to all these changes.
- You will be able to identify key objectives of ASU 2016-14.
- You will be able to identify key objectives of ASU 2018-08.
- You will be able to differntiate the effective dates between various ASUs.
- You will be able to recognize the changes in lease accounting.