Preparing for new not-for-profit financial reporting

Written on Oct 19, 2017

Laura Hay, CPA, CAE, OSCPA executive vice president, spoke to Ohio CPAs on the most significant upcoming changes when it comes to new not-for-profit financial reporting requirements in the latest issue of CPA Voice.

CPA Voice“The FASB Accounting Standards Update to Topic 958, Presentation of Financial Statements of Not-for-Profit Entities, is effective for annual financial statements issued for fiscal years beginning after Dec. 15, 2017, and for interim periods within fiscal years beginning after Dec. 15, 2018,” Hay writes.

Main provisions of the update include net asset classification, functional expense reporting, liquidity disclosures and more. Read the story online now.

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September/October 2017 Exam

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