Implementing FASB's Accounting Standards Update (ASU) 2016-14

By now, all nonprofits are operating in fiscal years that require them to comply with FASB's Accounting Standards Update (ASU) 2016-14. This was among the most significant changes to nonprofit financial reporting in many years. As with any significant shift, there was much discussion about the theory and the promise when the new standard was issued. For instance, about the new liquidity disclosure, the AICPA commented, "This discussion about the availability of resources is an opportunity for the [nonprofit] to convey a message about its strategy, whether it be conserving excess funds for future projects or managing cash flow during lean times...the analysis of liquidity may even highlight a need to restructure operations to provide greater stability." (See here.)

Now that we are living with the new standards, what are the realities? What are nonprofits learning about the real challenges and opportunities of implementation? We have asked Gina McDonald, Lead Consultant at FMA to join us with an update on how implementation is going out in the field and what strategies for success are emerging.

Among the topics, Gina will cover:

1. A  review of the standards and what FASB's intentions were
2. Challenges nonprofits are facing in implementing the standard
3. Benefits nonprofits are reaping from implementation
4. Strategies for implementation success
5. Liquidity disclosure and reporting to donors and funders

This session is ideal for CFOs and Finance Directors, finance consultants to nonprofits, Board Treasurers, and anyone actively involved in the financial reporting of nonprofits.