Overview of Changes in Presentation of Financial Statements of Not-for-Profit Entities (Topic 958) – A Summary of Accounting Standards Update (ASU) 2016-14


In response to feedback from the Financial Accounting Standards Board’s (FASB) Not-for-Profit Advisory Committee (NAC) and other stakeholders on existing standards for financial statements of not-for-profit entities (NFP), the FASB issued ASU 2016-14 in August 2016, which is the first of two phases the FASB has undertaken to improve the accounting and financial