Nonprofit GAAP Update

• Overview
• Credits

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.

Authors

Agenda

Overview of the Project to Revise the Nonprofit Reporting Model That Resulted in the Issuance of ASU 2016-14 Presentation of Financial Statements of Not-For-Profit Entities

Net Asset Classifications Under the New Model

Information About Assessing Liquidity and Availability of Financial Resources

Reporting External and Direct Internal Investment Expenses

Reporting Expenses by Function and Natural Classification

Disclosures About Cost Allocations

Impact of Revenue Recognition Standards on Not-For-Profit Organizations

Clarifying the Scope of the Revenue Recognition Standards on Contributions and Grants (ASU 2018-08)

Preparing for the New Lease Accounting Standards

FASB Nonprofit Projects on the Horizon