In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (“ASU”). FASB’s agenda was separated into two phases of which Phase 1 has been included in the ASU. Currently, the FASB does not have a projected timeline for Phase 2. The financial statement project was initiated to ensure nonprofit reporting continues to meet the dynamic needs of users.
Our nonprofit team has put together an analysis on the Accounting Standards Update 2016-14.