FASB Financial
Reporting Guidance

For the past two years, we have been closely monitoring updates from the Financial Accounting Standards Board (FASB) regarding the organization’s Not-for-Profit Financial Statement Reporting Project.

On August 18, 2016, the FASB issued ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The new guidance simplifies and improves how not-for-profit entities classify net assets as well as the information presented in financial statements and notes about liquidity, financial performance and cash flows.

We encourage you to reach out to our team with any questions, comments or concerns that you may have regarding the ASU and how it could impact your nonprofit organization. Feel free to leave a question or comment below, or reach out directly to Lee Klumpp.

Below, you will find our compiled resources.

BOOK

• How to Read Nonprofit Financial Statements: A Practical Guide

Articles

• “Fixing Your Financial Statements: A Look at the FASB Accounting Changes” (p. 12) – New York Nonprofit Media
• “Updated accounting standards issued for nonprofits” – Nonprofit Business Advisor
• “Adjusting to FASB’s New Not-For-Profit Standard” – Accounting Today
• “New Rules to Enhance Transparency of Nonprofits’ Governance” – Bloomberg BNA
• “FASB Releases Not-For-Profit Accounting Standard” – Accounting Today 
• “Working with Nonprofits: A Changing World” – Accounting Today
• “Big Changes on the Way for Nonprofit Accounting” – Accounting Today
• ​“FASB Sees Dissent on Nonprofit Accounting Changes” – Accounting Today

Videos and Podcasts

• NYN Insights Podcast with Lee Klumpp of BDO on FASB’s accounting standards update – New York Nonprofit Media
• FASB’s Changing Classifications for Nonprofit Assets – Accounting Today
• Liquidity Disclosures for Not-for-Profits – Accounting Today 
• Changes in Presentation of Expenses for Nonprofits – Accounting Today 
• Phase 2 of Nonprofit Standards – Accounting Today 
• FASB’s Upcoming Changes in Nonprofit Accounting Standards – Accounting Today
• Trifecta of Accounting Standards Hitting Nonprofits – Accounting Today 
• Preparing for Upcoming Nonprofit Accounting Standards – Accounting Today
• Reaction to FASB Nonprofit Accounting Changes – Accounting Today 

Nonprofit Standard Blog Posts

• [Infographic] What's the Difference Between Nonprofit and For-Profit Accounting? 
• Part One— A Deeper Dive Into ASU 2016-14 Implementation Issues
• Part Two – A Deeper Dive into ASU 2016-14 Implementation Issues 
• Part Three—A Deeper Dive into ASU 2016-14 Implementation Issues
• Podcast: Lee Klumpp Discusses FASB ASU with New York Nonprofit Media
• FASB Proposes a Clarification to Nonprofit ASU
• INFOGRAPHIC: Navigate the FASB Nonprofit Accounting Standard Update
• Understanding the Changes to Nonprofit Financial Reporting
• VIDEO SERIES: Lee Klumpp on the New FASB Nonprofit Accounting Standards Update 
• Biggest Change to Nonprofit Financial Reporting in 20 Years Has Arrived
• Update on FASB’s Not-for-Profit Financial Presentation Exposure Draft
• Presentation of Financial Statements of Not-For-Profit Entities – Where is the Project Going?
• FASB Holds Roundtables on Proposed Nonprofit Financial Reporting Presentation Standards
• Infographic: The FASB’s Not-for-Profit Financial Reporting Project Exposure Draft – What You Need to Know
• Proposed Changes to the Nonprofit Financial Statement Model – What You Need to Know
• FASB Prepares to Release Not-for-Profit Financial Reporting Proposal Draft
• FASB Announces Tentative New Decisions on Not-for-Profit Financial Reporting
• FASB Continues Deliberations on Nonprofit Financial Reporting
• FASB Outlook – How Recent Decisions by the FASB Board to Reset its Agenda Might Impact Nonprofits
• FASB Board Discusses Potential Updates to NFP Expense Report Requirements

Nonprofit Standard Newsletter Articles

• Nonprofit Standard - Fall 2016: FASB Issues ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities
• Nonprofit Standard – Winter 2015: Update on the FASB Not-for-Profit Financial Reporting Project
• Nonprofit Standard – Winter 2013: FASB Board Proposes Changes to Nonprofit Cash Flow Statement
• Nonprofit Standard – Fall 2013: Update on the FASB Not-for-Profit Financial Reporting Project  

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