- NY Credits : 1.0
- TX Credits : 1.0
Jennifer discusses ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, and how this new guidance makes changes to a reporting model that has been in place for more than twenty years. She will examine the overall goals of the new financial reporting model, and the types of nonprofit entities that will be affected. Jennifer will then outline the impacts the new reporting model will have for net asset classification, before closing the program with a look at enhancements made for the basic financial statements and what practitioners can expect in terms of certain disclosures.
Upon completion of Impact of the New Nonprofit Reporting Model, the user should be able to:
recognize why the FASB released the guidance in ASU 2016-14 for nonprofit reporting models and to which types of nonprofit entities it applies,
identify when ASU 2016-14 will become effective, and
recognize the changes in the number of net asset classes under the new guidance.