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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  • 10/25/2018 at 1:49 pm #1198
    Lori Shecter
    Keymaster

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

    10/26/2018 at 12:45 pm #1211
    advisoryboard
    Participant

    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).

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