Skip to content

New not-for-profit financial statement standard announced

General Foundation News

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. This standard is the result of Phase I of FASB’s project to revamp how not-for-profits report financial information. These changes will impact all organizations who follow FASB not-for-profit rules. The standard is effective for annual financial statements issued for fiscal years beginning after December 15, 2017.  The new standard will require significant changes in the way not-for-profit management teams aggregate and report certain information.

Information can be found on the FASB website.

Additionally, the FASB will be hosting a live webcast on September 13, 2016 from 1:00 to 2:15 p.m. EDT that will explore the standard and answer questions submitted by viewers.