EisnerAmper Presents: Not-for-Profit Industry Update

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.