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In August 2016, the Financial Accounting Standards board issued Accounting Standards Update (ASU) 2016-14, affecting accounting and related financial reporting for not-for-profit entities. 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).
In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09 “Revenue from Contracts with Customers.” This mandatory reporting standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today’s revenue recognition guidance.
On February 25, 2016, after nearly 10 years of deliberations and draft proposals, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, its new standard on accounting for leases. While financial reporting implications may not occur immediately, it is imperative to have a thorough understanding of these changes now when negotiating long-term leases or financing arrangements.
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