Description
Gain a better understanding of the standards and stay updated and informed on what needs to be implemented.
Its been over 20 years since the FASB did a complete reevaluation of the financial reporting model used by nonprofit organizations. ASU 201614 Presentation of Financial Statements of NotforProfit Entities is a result of that process and will bring some important new changes to the financial statements of nonprofits. At the same time, new FASB requirements for revenue recognition, including specific guidance for nonprofits contribution and grant income and leases, will also have significant impacts. Preparers, auditors, and readers of nonprofit organization financial statements need to keep abreast of these changes, and this content is designed to provide you with practical information related to all these changes.
Date: 2023-07-18 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to describe net asset classifications under the new model.
* You will be able to review information about assessing liquidity and the availability of financial resources.
* You will be able to discuss disclosures about cost allocations.
* You will be able to identify FASB nonprofit projects on the horizon.