Effective January 1, 2018, the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) has replaced the reporting model that has existed for 20 years!
This ASU changes the way all not-for-profits classify their net assets and prepare financial statements. The overall objective of the FASB is to provide more useful information to donors, grantors, creditors and others.
Because implementation is upon us, Cook CPA Group, Inc. will be hosting a two-hour workshop providing explanations and insights to key changes to consider in implementation to best benefit your organization.
Some of the key changes affect:
- Net asset classifications – from three classes to two: Net assets without donor restrictions and Net assets with donor restrictions.
- Presentation of Investment Expenses – On the face of the statement of activities, a net presentation of investment expenses against the investment return is now required.
- Expenses Classified by Function and Nature – this is now a requirement to be included.
In this workshop, we will explain in easy-to-understand terms these requirements and provide sample financial presentations.
Please mark your calendar for Friday, January 19, 2018 – 11:00 a.m. to 2:00 p.m. Lunch will be provided during the workshop. We recommend this workshop for with anyone who will be part of your organization’s accounting, review, etc., including Board Members. Additional detail will follow prior to the workshop. You may also click the following link to register or forward to others you may be interested in attending: https://www.eventbrite.com/e/nfp-workshop-tickets-41774334158
Please call or email us to let us know if you are interested in attending. Thank you.