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.
Jimmy Mo, Director, EisnerAmper LLP
Heather Taylor, Director, EisnerAmper LLP
Date:Tuesday, October 11, 2016
Time: 8:15 am – 11:00 am
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.