Exploring FASB’s Not-for-Profit Financial Reporting Standard: ASU 2016-14

Firms, not-for-profit entities (NFPs), and their boards of directors will soon see some changes to NFP financial statements as a result of recent FASB Accounting Standards Update (ASU) 2016-14. The Center for Plain English Accounting has produced this report explaining the new NFP standard changes with examples to illustrate the effects of the changes. Use this report along with other resources in the NFP toolkit to understand the changes and their impacts, help train your professional staff to ensure effective and efficient implementation, and communicate with clients and stakeholders proactively about the changes they can expect.

*This guide is an example of the insights and resources PCPS delivers. PCPS is an add-on firm membership section within the AICPA. A PCPS firm membership at only $35 per CPA, up to a max of $700 per firm, is a great investment for a broad range of practice management resources. Find out if you are already a PCPS member or take a quick tour to learn more.