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The New NFP Financial Reporting Standard: Get Ready For It!

Tue, Dec 19, 2017 1:00 PM EST{LOCAL_TZ}

IN FOCUS: The New NFP Financial Reporting Standard: Get Ready For It!
Date: Tuesday, December 19, 2017

Time: 1:00–2:15 p.m. Eastern Standard Time

The Financial Accounting Standards Board (FASB) is pleased to announce an upcoming webcast that will discuss the requirements of Accounting Standards Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, including related implementation ideas.

Through this session, participants will learn about the clarifications and improvements to existing guidance, as well as implementation ideas in:
  • Presenting two classes of net assets on the face of the balance sheet and statement of activities, rather than the currently required three classes of net assets
  • Providing enhanced disclosures in areas including qualitative information that communicates  how an NFP manages liquid resources, and quantitative disclosures on  the availability of an NFP’s financial assets
  • Reporting an analysis of expenses by both functional and natural classification
  • Providing enhanced disclosures for underwater endowments
  • Providing new disclosures for board designations on net assets.
  • Reporting investment return net of external and direct internal investment expenses and no longer requiring disclosure of those netted expenses
  • Using the placed-in-service approach to release restricted from donations to build or acquire fixed assets
  • No longer requiring the presentation or disclosure of the indirect method (reconciliation) if using the direct method for the presentation of operating cash flows on the face of the statement of cash flows.
The proposed improvements and implementation ideas discussed on this webcast are of interest to not-for-profit organizations, and auditors and users of their financial statements. The amendments in the Update are effective for annual financial statements issued for fiscal years beginning after December 15, 2017, and for interim periods within fiscal years beginning after December 15, 2018.

Jeffrey Mechanick
FASB Assistant Director- Nonpublic Entities

Richard Cole
FASB Supervising Project Manager

Andrew Prather

Speaker Bios
Learning Objectives: At the end of this program, participants will be able to:
  1. List the major financial reporting areas impacted by ASU 2016-14
  2. Understand key provisions of the ASU affecting those areas
  3. Identify some of the presentation and disclosure alternatives available when implementing some of those key provisions
  4. Understand the FASB’s efforts to ensure successful transition  to ASU 2016-14 and resources available to assist stakeholders.

Delivery Method: Group-internet basedProgram Level: OverviewProgram Prerequisites: NoneAdvanced Preparation Needed: NoneRecommended CPE: 1.5 hours; final CPE earned will be determined based on the length of  participation in the program, polling questions as described in CPE Eligibility,  and completion of a course survey. Credit is provided only to  participants in the live broadcast of this course. Please note that  credit is not provided for group viewing. Each participant must be  registered separately and meet both polling and duration requirements as  per NASBA.Refund/Cancellation Policy: There  is no cost for this course and there is no cancellation penalty.  Participants will be notified by email as soon as possible if the course  is cancelled for any reason.Complaint Policy:  To register complaints about course content or delivery method and to  inquire about the timeliness and accuracy of CPE credit posting for this  event, contact National Registry of CPE Sponsors’ Statement The  Financial Accounting Foundation/FASB/GASB is registered with the  National Association of State Boards of Accountancy (NASBA) as a sponsor  of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE  Sponsors through its website: National Registry of CPE Sponsors—Sponsor License Number 107522Texas Sponsor Number 000016

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