FASB’s New Non-Profit Financial Statement Standard

Are you ready for significant changes to the financial statements of non-profit organizations? The new Financial Accounting Standards Board (FASB) not-for-profit financial statement standard represents the most significant changes to the non-profit financial reporting model that has existed for more than 20 years. The new standard is not intended to be a complete overhaul of the current financial reporting model. It does, however, change presentation and disclosure requirements intended to help a nonprofit organization provide more useful information about its liquidity, financial performance, and cash flows to donors, grantors, creditors, and other users of financial statements.

Our discussion leader is David Odahl, CPA, a senior manager at Wegner CPAs. David has over 20 years of experience working with nonprofit organizations on a variety of financial statement and tax engagements. He currently oversees the firm’s quality control function, ensuring that the firm and its personnel are complying with applicable professional standards. During this presentation he will cover the primary changes in the new standard, including modifications to the existing financial reporting model as well as new required disclosures related to liquidity, availability of assets, and board-designated net assets. He will also discuss how the standard may require organizations to revise certain policies and procedures, update financial reporting practices, and make certain accounting adjustments.

View the webinar below

Access the slide handouts and the exhibits here.

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