Will Hubbard, CPA, CFE explains what changes you can expect to see with NFP reporting.
In 2011 the FASB began a project to improve Not-for-Profits’ (NFPs) financial reporting. There are two phases to the project and phase one has since been concluded. The new standard will be effective for annual periods in fiscal years beginning after December 15, 2017 and interim periods in fiscal years beginning after December 15, 2018. Early adoption is permitted. Is your organization ready?
In order to address this comprehensive project CK will be rolling out a blog series covering the various aspects of the changes to NFPs’ financial reporting.
- Topic 1 – Net asset classification and disclosures
- Topic 2 – Functional expense changes and cash flow statement changes
Our series covers the above topics, but our hope is that this becomes an engaging series and will lead to more blog posts that address questions that NFPs may need further clarification on as we embark on this process together.