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December 18, 2018

In August of 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14 Not-for-Profit Entities (Topic 958).  This is applicable to most non-profit organizations.  This standard makes some significant changes to current practice and is effective for fiscal years beginning after December 15, 2017.

How does this affect my organization?

Well, in short, it means that this standard will need to be applied for your calendar 2018 financial statements.  There are several provisions in the standard, but here are the main things you need to know:

In a nutshell, you probably won’t need to change a lot of your daily processes, but the way certain information is reported will need to be updated. Here’s a link to the Reimer, McGuinness & Associates presentation discussing this new standard in more detail. Also, here is an implementation guide from the AICPA. If you would like further particulars on the new standard, please contact Max Dunlap mdunlap@rma-cpa.com Bree Brown bbrown@rma-cpa.com or Gaurav Masand gmasand@rma-cpa.com,  and we will be happy to discuss it with you!

 

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