EisnerAmper Presents: Not-for-Profit Industry Update
September 16, 2016
By Brian Collins
As a result of recent guidance from the Financial Accounting Standards Board (FASB), the landscape of not-for-profit financial statements will change in the foreseeable future. EisnerAmper is presenting a Not-for-Profit Industry Update that will focus on two of the FASB’s recent guidance: ASU 2016-02: Leases and ASU 2016-14: Presentation of Financial Statements of Not-for-Profit Entities.
The objective of the update is to provide participants with an understanding of the guidance and its impact on not-for-profit organizations. If you are interested in attending, click here to register. 2.5 CPE credits in accounting will be provided for those who attend.
Speakers:
Jimmy Mo, Director, EisnerAmper LLP
Heather Taylor, Director, EisnerAmper LLP
Date:Tuesday, October 11, 2016
Time: 8:15 am – 11:00 am
Location:
EisnerAmper LLP
One Logan Square1
130 North 18th Street, Suite 3000Philadelphia, PA 19103
The key points of ASU 2016-02, Leases (Topic 842) are the following:
- Requires entities that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases;
- The new standard will be effective for annual reporting periods issued for fiscal years beginning after December 15, 2019.
The key points of ASU 2016-14, Not-for-Profit Entities (Subtopic 958): Presentation of Financial Statements of Not-for-Profit Entities are the following:
- Amends the presentation and disclosures to help not-for-profit organizations provide more relevant information about their resources (and the changes in those resources) to donors, grantors, creditors, and other users; and
- Includes qualitative and quantitative requirements in the following areas: net asset classes, investment return, expenses, liquidity, availability of resources, and presentation of operating cash flow; and
- The new standard will be effective for annual reporting periods issued for fiscal years beginning after December 15, 2017.
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