Some changes in your year-end financial statements will be required that are designed to more clearly indicate your organization’s financial position as a result of a recent Financial Accounting Standards Board Accounting Standards Update (FASB ASU). The changes prescribed in Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14) will affect […]
Category: FASB
Let’s talk about leases: New accounting standard to usher in significant changes
If your construction company leases assets and it follows U.S. Generally Accepted Accounting Principles (GAAP), an important development occurred earlier this year. The Financial Accounting Standards Board (FASB) issued its long-awaited update revising the appropriate treatment of leases on financial statements: Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Affected construction companies should start […]
A cheat sheet on FASB’s proposed financial statement changes
Your nonprofit’s financial statements may look very different for fiscal years starting after December 15, 2017, than they do now. In April, the Financial Accounting Standards Board (FASB) made its final recommendations for changes to how organizations classify net assets and account for liquidity, performance and cash flows in financial statements. With the comment period […]