Not-for-Profit Presentation Disclosures Under New ASU
The FASB has released Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities for phase one of its NFP financial statement project. This course covered the major changes in both presentation and disclosures that NFPs will need to implement. The presentation focused on the change in net asset classes, functional expenses, cash flow statement and investment income/expense. This class helped attendees think about what needs to be done to prepare for the implementation process.