Now what? FASB issues new reporting standard for nonprofits

Description

Abstract: The FASB has issued the first update to GAAP for nonprofits’ financial statement presentation in more than two decades. This article highlights several important aspects of ASU No. 2016-14, including the new reporting requirements for liquidity and available resources, two pared-down net asset classes and new classification requirements for expenses and investment returns. A sidebar discusses the FASB’s plans to move on to Phase 2 of its nonprofit project.