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Is It Time to Update Your Accounting Practices?
Are you ready for the significant changes coming to your organization’s financial statements? Recently, the Financial Accounting Standards Board issued a new Accounting Standard Update, ASU 2016-14: Presentation of Financial Statements for Not-for-Profit Entities, updating the over 20-year old financial reporting model of not-for-profit entities. Gain insight from Doeren Mayhew on what is changing and when it will begin impacting you.
The ASU is not meant to be a complete overhaul of the current reporting model, yet an update to improve organizations ability to communicate their financial performance, as well as reduce costs and complexities in preparing financial statements. To help you better understand the changes that lie ahead, our not-for-profit advisors have summarized the key modifications below:
In addition, there have been changes made to terms in the master glossary which can be found on the FASB website.
Effective for fiscal years beginning after Dec. 15, 2017 (e.g. calendar year 2018 or fiscal year 2018/2019), the ASU does allow early adoption if regular transition provisions are applied, which includes:
These changes don’t take effect until the calendar year 2018 (or fiscal year ending in 2019), however early planning will be necessary – especially if your organization plans or desires to adopt the changes early. Unlike some past changes prompted by the FASB, these new requirements will require much more than simple footnote disclosure changes in your financial statement from you and your accounting staff. If you want help implementing these changes in your not-for-profit organization, contact Doeren Mayhew’s CPAs and advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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