Implementing ASU 2016-14 Not-For-Profit Financial Statement New Reporting Standards
Major Changes in Net Asset Classification, Liquidity and Expense Function Reporting, and User Clarity
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide advisers to nonprofit organizations with a practical guide to the new FASB reporting requirements for nonprofit organizations. The panel will discuss the specific changes to various financial reporting requirements required by the new standard, including the reduction in the number of net asset classes, change in presentation of cash flows, and enhanced reporting on liquidity. The event will offer useful guidance in designing a plan to transition to the new reporting protocols and in weighing reporting alternatives.
- Contents of ASU 2016-14
- Change in net asset classifications
- Reporting underwater endowments or endowments with donor restrictions
- Liquidity reporting requirements and options
- Cash flow presentation
- Functional expense presentation
- Additional FASB changes to follow
The panel will discuss these and other important topics:
- What are the considerations in determining how best to disclose the analysis of expenses by both function and nature of classification?
- What factors will NFP advisers and executives have to consider while reducing the number of net asset classifications from three categories to two, while also complying with the liquidity disclosures?
- What influence will donor restrictions and underwater endowments have on net asset classification?
- Should the NFP convert from indirect to direct method of reporting when presenting net amount of operating cash flows given that the new guidance no longer requires reconciliation to the indirect method?
Robert Dyson, CPA
Quality Control Director
Mr. Dyson has over 26 years of experience in ensuring compliance with professional standards by national and... | Read More
Mr. Dyson has over 26 years of experience in ensuring compliance with professional standards by national and regional accounting firms. He is responsible for the quality control functions at his firm, including final review of all assurance work, ensuring compliance with professional standards, and is a resource on procedural and assurance issues. His areas of expertise include non-profit organizations, broker dealers, real estate, and SEC. He authored and co-authored numerous articles in professional journals.Close
George I. Victor, CPA, CGMA
Giambalvo Stalzer & Company
Mr. Victor has extensive experience in providing accounting and advisory services to both privately held and SEC... | Read More
Mr. Victor has extensive experience in providing accounting and advisory services to both privately held and SEC reporting companies, and has consulted CPA firms in the U.S. and abroad on areas of quality control, U.S. GAAP, and International Financial Reporting Standards. He oversees the Firm’s A&A practice and is the Director of Quality Control. He is responsible for formulating the firm’s accounting and auditing policies, monitoring compliance with professional regulatory standards, technical research, review of completed engagements, and oversight of the firm’s professional education program. He is also involved in implementing new accounting and auditing standards within the firm and in providing guidance on audit, accounting and financial reporting issues.Close