Navigating the Nonprofit Accounting Standards Updates
Over the past few years, the Financial Accounting Standards Board (FASB) has released a series of Accounting Standards Updates for nonprofit organizations - the biggest changes to nonprofit accounting in over 20 years. These updates significantly impact the presentation and disclosure of financial statements for nonprofit entities, revenue recognition, and reporting and presentation of leases. It's also important to note that one of the updates is in effect for the current 2018 reporting period, with the others not far behind. This seminar will provide a roadmap for adoption of the new standards and help you dodge accounting gridlock along the way.
Specific Topics Covered Will Include:
- FASB ASU No. 2016-14 – Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. Applies updates to financial reporting effective for fiscal years beginning after December 15, 2017.
- FASB ASU No. 2014-09 – Revenue from Contracts with Customers (Topic 606) providing a new framework for revenue recognition, for annual reporting periods beginning after December 15, 2018. Understand transition and retrospective adoption of the revenue recognition standard and how the new guidance affects your nonprofit organization.
- FASB ASU No. 2016-02 – Leases (Topic 842) including changes to the balance sheet presentation and notes disclosures of certain lease arrangements. New leasing standards are effective for fiscal years beginning after December 15, 2019.
- Margene Zink, CPA, CGMA - Partner, Kruggel Lawton
- Kevin G. Kruggel, CPA, CGMA - Partner, Kruggel Lawton
- Sara Sweers, CPA - Assurance Senior Manager, BDO USA
- 8:00-8:30 – Check-in/Continental Breakfast
- 8:30-8:35 – Welcome/Opening Remarks
- 8:35-9:35 – Presentation of Financial Statements (Margene Zink)
- 9:35-9:45 – Break
- 9:45-10:45 – Presentation of Leases (Kevin Kruggel)
- 10:45-10:55 – Break
- 10:55-11:55 – Revenue Recognition (Sara Sweers)
- 11:55-Noon – Closing Remarks/Dismissal
- This event is complimentary and includes a continental breakfast.
- Registration deadline is Friday, July 20