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FASB amends NFP financial statement presentation: ASU 2016-14 will change the face of NFP financial statements

This bulletin discusses the new guidance in ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, which will improve not-for-profit entity (NFP) financial statements by providing more useful information to donors, grantors, creditors, and other financial statement users. The ASU will significantly amend how NFPs present net assets on the face of the financial statements and will require additional disclosures for expenses by nature and function and for the liquidity and availability of resources.