NEEDHAM, Mass., April 19, 2018 /PRNewswire/ -- AccuFund, Inc., provider of financial reporting and accounting software for nonprofit, municipal and government organizations, today announced a new 3-Part White Paper Series on FASB ASU 2016-14 to assist nonprofit organizations in understanding, preparing and implementing the new reporting requirements.
The Financial Accounting Standards Board (FASB) has issued a new accounting standards update specifically for nonprofits (ASU 2016-14) to improve the current net asset classification requirements and the information presented in financial statements and notes about a nonprofit entity's liquidity, financial performance, and cash flow. This is the first major set of changes to nonprofit financial statement presentation standards since 1993.
The overall goal of FASB ASU 2016-14 is to provide more useful information to donors, grantors, creditors, and other users of financial statements, particularly addressing the long-term sustainability of the organization. Consequently, the new standard will require organizations to disclose more information about their organization status, and liquidity.
As a software publisher focused solely on the nonprofit and government sectors, the experts at AccuFund reviewed the changes and identified three key areas to address when nonprofit organizations begin implementing the new FASB changes.
The result is a 3-Part White Paper Series, Understanding. Preparing. Implementing. FASB ASU 2016-14 Reporting Requirements for Not-For-Profit Organizations.
Part 1 focuses on understanding the changes and how they might affect your organization.
Part 2 focuses on preparing and implementing ASU 2016-14 at your organization.
Part 3 focuses efforts in a to-do list style format that organizations can utilize in getting the changes implemented.
Is your organization ready?
Download Understanding. Preparing. Implementing. FASB ASU 2016-14 Reporting Requirements for Not-For-Profit Organizations at www.accufund.com/fasbwp-pt1
AccuFund, Inc. is a nonprofit financial improvement systems specialist offering scalable accounting software systems to nonprofit organizations and government agencies. AccuFund uses award-winning financial software, consulting services and industry best practices to help organizations streamline processes, improve efficiency and lower costs. Their nonprofit financial solutions are available on-premise or cloud-based.
AccuFund's products are available exclusively through Value Added Resellers (VARs) located throughout the United States. The VARs provide AccuFund's customers with cost-effective onsite training and installation assistance.