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Accounting Standards Update (ASU) 2016-14: Is Your Nonprofit Ready?

by Your Part-Time Controller

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Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, represents the first major change to not-for-profit (NFP) financial reporting in over 25 years! Are you ready?
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By issuing this guidance, the Financial Accounting Standards Board (FASB) hopes to provide financial statement users with statements that are clearer and more transparent, and provide increased consistency of information.

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At Your Part-Time Controller, LLC (YPTC), we feel the guidance contains two major groups of changes: 1) changes in financial statement presentation, and 2) enhanced note disclosures (additions to the footnotes that accompany the financial statements). There are a few minor changes, which we’ll review at the end.

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To assist with the implementation of these changes, YPTC has also provided an Implementation Checklist.

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For the checklist and extensive information on the new rules, click here to find out if you are prepared!