• 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. Read the full Accounting Standards Update.

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.

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Nonprofit Standard Blog Posts
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FASB Resources   


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WHAT'S NEXT FOR BUSINESS?

Contacts

Laurie De Armond.
Laurie De Armond Assurance Office Managing Partner; Institute for Nonprofit Excellence Executive Director 703-336-1453
Marc Berger
Marc Berger National Director, Nonprofit Tax Services 703-336-1420
Lee Klumpp
Lee Klumpp National Assurance Partner – Nonprofit & Government 703-336-1497
Tammy Ricciardella
Tammy Ricciardella National Assurance Director, Nonprofit Government 703-336-1531
Andrea Wilson.
Andrea Wilson Managing Partner; Nonprofit & Education Advisory Practice National Co-Leader 703-752-2784
Susan Friend
Susan Friend National Assurance Director - Nonprofit & Government 954-626-2964
See all contacts

Webinars

October 28, 2020
Due to the Stimulus Funds provided, many for-profit as well as nonprofit entities may now be subject to the requirements for a Single Audit. On August 18, 2020 the Office of Management and Budget (OMB) issued the 2020 Compliance Supplement (Supplement) to assist entities as they comply with grant, contract and federal requirements.