Stay Up-To-Date With AFP
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 email@example.com.
Allied Payroll Services is bonded
Securities offered through Cambridge Investment Research, Inc. a broker-dealer, member FINRA/SIPC, Investment Advisor Representative, Cambridge Investment Research Advisors, Inc. a Registered Investment Adviser. Cambridge does not provide tax services. Accounting, Payroll, Fixed & Health Insurance, and HR Services are offered through Allied Financial Partners. This communication is strictly intended for individuals residing in the states of NY, CO, AZ, CA, FL, NC, PA, TN, VA, WA, IL, CT. No offers may be made or accepted from any resident outside the specific state(s) referenced. Cambridge and Allied Financial Partners are not affiliated.