August 14, 2019

A new lease accounting standard has been issued which will change how leases are accounted for on balance sheets and financial documents. These changes affect all entities—including nonprofit organizations—that lease office space, vehicles and equipment such as copiers and phone systems.

August 20, 2018

Nonprofits should be aware of new accounting standard: ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) which concerns revenue obtained from exchange transactions.

May 17, 2018

The FASB’s update requires “enhanced” information about your organization’s liquidity and timely access to resources. Two kinds of information are required; together, they can indicate the nonprofit’s ability to meet its cash needs for all the next year’s general expenditures.

September 27, 2017

New rules will change the way nonprofits report and describe their net assets. These changes will reduce the number of net asset classes from three to two and require separate subtotals for activities with and without donor restrictions.

July 7, 2017

New rules set to take effect for the fiscal year after Dec. 15, 2017 will change the way nonprofits report and describe their net assets.

February 27, 2017

The new accounting guidance on nonprofit financial reporting applies to fiscal years beginning after Dec. 15, 2017 (calendar 2018 for calendar-year organizations); however, early adoption is permitted. So now is a good time to think through the impact the new accounting standards will have on your financial statements.

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