Implementing New FASB Not-For-Profit Financial Statement Reporting Standards of ASU 2016-14
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 course will provide advisers to nonprofit organizations with a practical guide to the new FASB reporting requirements. 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 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 whether to disclose the function and nature of expenses on the face of the financial statement or in the notes?
- 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?
Renee Ordeneaux, CPA
Ms. Ordeneaux has more than 25 years of experience in public accounting and industry―including serving as the CFO... | Read More
Ms. Ordeneaux has more than 25 years of experience in public accounting and industry―including serving as the CFO of a nonprofit organization―and brings an entrepreneurial approach to her work. She provides audit and consulting services to a broad range of clients, including nonprofit organizations, privately held businesses and public companies. In the nonprofit sector, her expertise extends to income tax matters pertaining to unrelated business income, gifts-in-kind and non-recurring business transactions.Close
Stacie Kowalczyk, CPA
Ms. Kowalczyk is a Senior Audit Manager with more than 12 years of experience providing audits, reviews and other... | Read More
Ms. Kowalczyk is a Senior Audit Manager with more than 12 years of experience providing audits, reviews and other attestation services to for-profit entities in the retail, consumer products, smart grid technology and professional service industries. She also specializes in servicing nonprofit organizations including social service, private and higher education, healthcare and religious organizations. She also has extensive experience providing single audit services to nonprofits receiving federal funding.Close
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