Nonprofit (“NFP”) organizations, are you ready? NFP organizations are about to be hit with some big changes to financial statement reporting and it may require some additional work for many Organizations.
Over the past year, we have been notifying organizations of these changes, and the time for implementation is now. Effective for periods beginning after December 15, 2017, FASB Accounting Standards Update (ASU) 2016-14 was created to simplify net assets and improve disclosures on liquidity, financial performance and cash flows. The purpose is to make NFP financials more comparable to others in the same industries and to present the financial information in a way that is more useful to its readers.