Most not-for-profit (NFP) entities will be required to reformat their 2018 financial statements to comply with ASU 2016-14. The goal of the statement is to improve NFP financial statements usefulness to donors, grantors, creditors and other users, and significantly changes how NFP's present net assets on the fact of the financial statements, as well as requiring additional disclosures for expenses.
Watch this recording to learn more about expense allocation ideas and best practices, clarity on new net asset disclosure requirements, and changes needed to meet new liquidity changes. A must for all financial staff!
Morris Peacock, Partner, HintonBurdick CPAs and Advisors
Tad Tuttle, CPA, HintonBurdick CPAs and Advisors