Live Educational Webinar
Overview of ASU-2016-14 Changes for Not-For-Profit Entities
Price: FREE
Apr. 11, 2019 Thursday
11:00 AM - 12:00 PM (Pacific)
1 Hour
Free Live Webinar
- Free CPE
- Non-sponsored Events mean you never listen to a 3rd party sales pitch – it’s all just great education
- Expert-instructor-led learning with live Q&A
- Based on a great course on Illumeo
Lynn A. Fountain, CPA MBA CGMA CRMA Former Chief Audit Executive
December 31, 2018 saw significant changes to not-for profit-financial reporting. ASU 2016-14, Presentation of Financial Statements of not-for-profit entities became effective. It is essential to understand the various aspects of the Accounting Standards Update (ASU).
The previous reporting requirements for NFP entities fell under the Financial Accounting Standards Board (FASB) 116 and 117, issued in 1993. In November 2011, the FASB announced projects intended to improve the financial reporting of NFP. This was the first change to reporting in over 20 years.
FASB views ASU 2016-14 as Phase 1—the beginning of guidance to result from its multiyear review of the not-for-profit financial reporting model. There are critical enhancements to the reporting process which all not-for-profit entities should be aware of including:
This webinar will provide an overview of the new requirements of ASU-2016-14 and how they will impact the not-for-profit financials.
The previous reporting requirements for NFP entities fell under the Financial Accounting Standards Board (FASB) 116 and 117, issued in 1993. In November 2011, the FASB announced projects intended to improve the financial reporting of NFP. This was the first change to reporting in over 20 years.
FASB views ASU 2016-14 as Phase 1—the beginning of guidance to result from its multiyear review of the not-for-profit financial reporting model. There are critical enhancements to the reporting process which all not-for-profit entities should be aware of including:
- Changes in net asset classification
- Changes in investment returns
- Changes in reporting of expenditures
- Changes in reporting and disclosing liquidity and cash flow
- Changes to the physical financial statements of the not-for-profit entity.
This webinar will provide an overview of the new requirements of ASU-2016-14 and how they will impact the not-for-profit financials.
Learning Objectives
After attending this event you will be able to:
Explore the history of NFP financial reporting and the evolution to ASU-2016-14.
Overview ASU 2016-14 (Topic 958).
Examine impact to statement of financial position (SFP), state of activities (SOA).
Explore requirements related to liquidity information.
Identify concepts surrounding the how reporting of expense information will changes.
Speakers
Lynn A. Fountain, CPA MBA CGMA CRMA
Former Chief Audit Executive
Ms. Fountain has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.
Moderated by Jennifer Robbins
Illumeo Webinar Manager
Jennifer is a marketing specialist and the webinar manager for Illumeo. She has been a part of more than 300 webinar presentations, supporting our expert presenters and Illumeo users alike. When she’s not moderating webinars, she’s creating and managing marketing content.
