In August 2016 the Financial Accounting Standards Board (FASB) announced the long anticipated Accounting Standards Update (ASU) “2016-14—Not-For-Profit Entities (Topic 958): Presentation of Financial Statements of Not-For-Profit Entities”. These new guidelines, the first changes to be made to financial reporting in over 20 years, will have a big impact on exempt organizations and their financial reporting. The updated standard is effective for fiscal years beginning after December 15, 2017, and has been released now to give organizations time to prepare.
This new ASU will impact all exempt organizations, and is the result of a determination by the …read more
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