Accounting
New Resource for Nonprofits and FASB ASU 2016-14
While the overall goal of FASB ASU 2016-14 is to provide more useful information to donors, grantors, creditors, and other users of financial statements, particularly addressing the long-term sustainability of the organization, questions remain for ...
May. 25, 2018
Are you ready for FASB ASU 2016-14? AccuFund, a provider of financial reporting and accounting software for nonprofit, municipal and government organization,s has developed an assortment of support materials to help organizations prepare for the new FASB ASU 2016-14 reporting requirements.
Since the Financial Accounting Standards Board (FASB) issued new accounting standards updates specifically for nonprofits (ASU 2016-14) to improve the current net asset classification requirements and the information presented in financial statements and notes about a nonprofit entity’s liquidity, financial performance, and cash flows, AccuFund has prepared not only its own nonprofit accounting software, AccuFund Accounting Suite, but also developed and assembled tools to help nonprofits successfully adapt to these new standards.
While the overall goal of FASB ASU 2016-14 is to provide more useful information to donors, grantors, creditors, and other users of financial statements, particularly addressing the long-term sustainability of the organization, questions remain for nonprofits around timing, financial statement presentations and choices, and implementation.
To that end, AccuFund has compiled a variety of sources including Nonprofit Quarterly’s webinar segments addressing FASB ASU 2016-14, original FASB ASU 2016-14 documentation, blog articles and new popular white papers.
“As part of the nonprofit ecosystem, AccuFund is proud to provide these resources to help nonprofits navigate the new FASB ASU 2016-14 reporting requirements,” explains Ian Scotland, AccuFund Vice President and General Manager. “It is a process that requires understanding, coordination and collaboration. We want to make it as easy as possible for nonprofits to address these changes and help key contributors within their organizations have the resources they need to address these changes and continue moving their missions forward.”
Is your organization ready?
Visit www.accufund.com/fasb-asu-2016-14-reporting-requirements for all the valuable resources to help your nonprofit satisfy new FASB ASU 2016-14 reporting requirements.