Ellin & Tucker’s Summary of Changes to Not-for-Profit Financial Statements
On August 18, 2016, The Financial Accounting Standards Board (FASB) released the long-awaited Accounting Standards Update No. 2016-14. This update changed the financial reporting model for all not-for-profit organizations. The new standard began taking shape after the FASB formed the Not-for-Profit Advisory Committee (NAC) in 2009. The NAC recognized there was a need for improvement in not-for-profit financial reporting and has made updates that will simplify net asset classifications and improve disclosures regarding financial performance, liquidity, and cash flows.
To assist with the implementation of these changes, we’ve put together this easy one-sheet summary. See below, or click here to download the PDF.
Insights
As we approach 80 years, Ellin & Tucker remains firmly in the room, driven by a legacy of excellence in teamwork, leadership, and service. Our strength has always been in our people, and together, we’ll continue to stand with the next generation of difference-makers and leaders, ready to shape the future.
