- NY Credits : 3.0
- TX Credits : 3.0
ASU 2016-14, Nonprofit Financial Statements
Troy Manning, CPA reviews the history to nonprofit financial statement presentation as well as changes made to that presentation by recent FASB accounting changes in 2016.
Upon completion of ASU 2016-14, Nonprofit Financial Statements, the user should be able to:
identify when the previous model for NFP financial statements (FASB Statement 117) was issued and implemented, and the impact it had on NFP entities,
recognize how, under current U.S. GAAP, liquidity is conveyed in the financial statements of a not-for-profit entity,
identify the changes to the classification of net assets that ASU 2016-14 will bring,
identify the characteristics of asset and liability sequencing,
identify the additional statement voluntary health and welfare organizations were required to present as part of a complete set of financial statements before ASU 2016-14,
recognize those who have not historically been in favor of the direct method of preparation for the statement of cash flows, and
identify some of the terms added to or deleted from the Master Glossary.