Last summer, the Financial Accounting Standards Board (FASB) issued new guidelines in order to enhance the way not-for-profit organizations present financial information.
On November 8, 2017, Brown Smith Wallace hosted an in-person, technical training workshop covering how to implement the new Accounting Standard Update (ASU), "FASB ASU 2016-14: Financial Statements of NPO Entities (Topic 958)." Janet Ramey, Principal and team leader of the Brown Smith Wallace Not-for-Profit Services group, and Katie Zahner, Principal in the Audit Services group, were on-hand to provide a deep dive into the implementation of the new accounting standard update with real world examples. The discussion examined how to implement and face challenges that may occur during implementation.
For more background on the FASB ASU 2016-14 update and a summary from our FASB Part I training, click here.
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