ASU 2016-14 is effective for annual financial statements for fiscal years beginning after December 15, 2017, and for interim periods within fiscal years beginning after December 15, 2018, with early adoption permitted. NFPs presenting comparative financial statements must apply the requirements of this ASU retrospectively, although omission of certain of the amendments is permitted for periods prior to adoption.
Although these changes will require significant effort on the part of NFPs, the FASB’s goal is to improve the financial reporting of NFP entities to ensure that users of their financial statement received the most accurate picture of how the NFP is doing fiscally. These new requirements are intended to benefit not only the NFP entity but the users including donors, creditors, and others that otherwise engage in business activities with NFP entities.
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