Nonprofit Financial Reporting

Over the next couple of years, nonprofits must face an array of accounting standard modifications. Not only must they take more universal requirements into account, like the new revenue recognition requirements and the new leasing standards, they must also consider nonprofit-specific pronouncements. One of the most impactful regulatory pronouncements for nonprofits is Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities.