By: Kimberly Fusco
Hey, nonprofits – get ready to make some changes in the way you prepare your financial statements.
On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, which changes the financial reporting model for not-for-profit organizations. The new standard is intended to simplify net asset classifications and improve disclosures about liquidity, financial performance, and cash flows.
In this article published by Society for Nonprofits, Kim Fusco, Principal in the Audit, Accounting and Consulting Department of Ellin & Tucker and Chair of the firm’s Not-for-Profit Services Group, gives a rundown of the new accounting standards nonprofits will see beginning in 2018.
To view the article, please visit New Rule Changes the Way You’ll Report Financial Information on Society for Nonprofits’ website. Subscription is required. For more information, please contact firstname.lastname@example.org.
As a Principal in Ellin & Tucker’s Audit, Accounting, and Consulting Department, Kim is dedicated to performing high-quality audit, tax, and advisory services to numerous not-for-profit organizations and foundations. As Chair of the firm’s Not-For-Profit Services Group, Kim’s extensive knowledge of not-for-profit audit and accounting standards, including OMB Uniform Guidance audits, have helped grow the firm’s not-for-profit services group practice to more than 100 organizations in the Baltimore region.