FASB’s Not-for-Profit Financial Reporting Updates
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 on August 18, 2016, which is considered the most significant change to Not-For-Profit Financial reporting in over two decades. This update addresses various financial reporting changes and requirements, primarily related to the five categories of: net asset classification, investment return, expenses, liquidity and availability of resources, and statement of cash flows.
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