On August 8, 2016, the Financial Accounting Standards Board (FASB) published updated rules for Not-for-Profit organizations that changes the way financial statements are to be written and presented. The new rules were intended to simplify the reporting process and to ensure that the information provided for non-profits was sufficient for donors, creditors, and grant providers. And while the changes are indeed better for report consumers, they do not make the job of creating or auditing Financial Statements any easier.
The rule changes went into affect on December 15, 2017, and many months later the finance departments of many non-profits are still scrambling to understand how the changes impact them and their upcoming financial statements.
For more information and assistance with your FASB non-profit financial statement changes, contact the certified public accountants of Broussard & Company.