Reply To: I know there are new financial statement reporting rules that Nonprofits have to follow. When or what year do those new rules take effect?

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The Financial Accounting Standards Board (FASB), which is the accounting rule making body, issued an accounting standards update (ASU 2014-16) entitled “Not-For-Profit Entities: Presentation of Financial Statements of Not-For-Profits Entities”. This update details all the changes to NFP financial statements. The new rules take effect for years beginning after December 15, 2017 (i.e. 2018).