Nonprofit Training: Accounting Standards Update (ASU)


Mike Barloewen, Windes Nonprofit Practice Leader, conducted a training session on January 17 in the Windes Training Center focused on the Financial Accounting Standards Board (FASB) issuance of ASU 2016-14 Not-for-Profit Entities (Topic 958). This update is the culmination of the work of the FASB Not-for-Profit Financial Statements Project and comprehensively addresses the accounting model utilized for nonprofit entities for
the first time in over 20 years.

The resulting ASU updates the current financial statement model used by nonprofit organizations.

Key concepts that were covered in the training session included:

  • improving presentation and disclosures for net asset classes;
  • enhancing information about liquidity and availability of financial resources;
  • providing better information about expenses and expense allocation;
  • improving reporting of investment return; and
  • allowing free choice between direct method and indirect method in presenting operating cash flows.

Due to overwhelming interest in the topic, we are conducting a second training session on May 2, 2017, from 11:30 a.m. to 1:30 p.m. at our corporate headquarters in Long Beach. Lunch will be provided.

If you are interested in attending, please contact Carolyn De Baca at cdebaca@windes.com or toll free at 844.4WINDES (844.494.6337).