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BPM | Nonprofit News
FASB Issues its Not-for-Profit Financial Reporting Standard

After much deliberation and anticipation, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) on August 18, 2016 which requires improved presentation and disclosures to help not-for-profits provide more relevant information about their resources to donors, grantors, creditors, and other users. These include:

  • Net Asset Classes
  • Investment Return
  • Expenses
  • Liquidity and Availability of resources
  • Presentation of Operating Cash Flows

These standard amendments are effective for annual financial statements issued for fiscal years beginning after December 15, 2017, and for interim periods within fiscal years beginning after December 15, 2018. Not-for-profit organizations affected include charities, foundations, colleges and universities, health care providers, religious organizations, trade associations, and cultural institutions.

To read the updated Presentation of Financial Statements of Not-for-Profit Entities, go to the FASB website.

Join the FASB at a live webcast, IN FOCUS: FASB Accounting Standards Update on Not-for-Profit Financial Statements, on September 13, 2016 from 10:00 am – 11:15 am PDT. Click here to register.

BPM for Nonprofits

BPM is one of the largest California-based accounting and consulting firms, ranking in the top 50 in the country. It has served the San Francisco Bay Area's emerging and mid-cap businesses, as well as high-net-worth individuals, since 1986. Our Nonprofit services group, one of BPM’s most established practice groups, consists of over sixty professionals across our tax, assurance and consulting practices. One of our founding goals was to make a difference in the manner nonprofits were served by our profession. Each member of our group brings differing expertise from our tax, audit, consulting and accounting departments – together we provide a comprehensive understanding of the functions needed to operate a nonprofit organization. For more information, contact Daniel Figueredo at (415) 288-6284, Nathan Farris at (925) 296-1014 or Shannon Silverman at (408) 961-6308.

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