Reader Poll: What’s Your Take on the New FASB Standard?
Last week, we announced the much-anticipated arrival of the biggest change to nonprofit financial reporting in over twenty years. As our readers know, the Financial Accounting Standards Board (FASB) issued an updated not-for-profit accounting standard, ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, on August 18, 2016.
We’ve been closely monitoring the project and ASU throughout its development, and have documented and discussed the progress each step of the way. A few days removed from the FASB’s issuance of the ASU, we now turn to our readers to gauge how you believe the new accounting standard will impact your organization.
Reader Poll Update: Over 30 of you responded to the questions we posed, letting us know your thoughts on this critical industry development.
POLL RESULTS: Reactions to the Biggest Nonprofit Accounting Change in 20 Years
For more on the ASU and its impact for nonprofit organizations, look no further than our own Lee Klumpp’s recent conversations with the media.