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ASU 2016-14: Not-for-Profit Entities
In August, 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2016-14, affecting accounting and related financial reporting of not-for-profit entities. This standard was seen as the first in a two-phase project to revamp financial reporting for not-for-profit entities. The new guidance has 3 main provision which will affect the vast majority of not-for-profits.
The provisions of ASU 2016-14 become effective for all not-for-profit entities for year ends beginning after December 15, 2017 (effectively, calendar year ended December 31, 2018). Early application is permitted, and comparative financial statements would require a retrospective application to the earliest year presented.
For additional details on how this standard will affect your not-for- profit organization, or for implementation suggestions, please don’t hesitate to contact our Partner Jason Mayausky, CPA at (585) 410-6733 ext. 144 or via email at firstname.lastname@example.org.
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