Not-for-Profit Insights – Financial Statement Usefulness Standard Update

Accounting Standards Update (ASU) 2016-04 – Presentation of Financial Statements of Not-for-Profit Entities – significantly changes generally accepted accounting principles (GAAP) that have guided not-for-profit entities (Topic 958) for decades.

Prior to the release of this ASU, financial reporting practices for not-for-profit entities has been guided by FASB 116 and 117.

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