FASB Issues ASU October 2016


The FASB recently issued ASU 2016-14 to improve the presentation of financial statements of not-for-profit entities such as charities, foundations, universities, and nonprofit health care providers, etc. This is the first major change to the nonprofit financial statement model in over 20 years, which is intended to provide more useful information to donors, grantors and other users. The ASU is available here, and becomes effective for fiscal years beginning after December 15, 2017.

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