Is your nonprofit ready to comply with the new FASB accounting guidelines?
Tuesday, October 31st, 2017 from 2-3pm ET
With the date for the implementation of the new FASB nonprofit accounting guidelines fast approaching, nonprofits should be doing all they can to inform themselves about the implications for recording, reporting, and planning their financial realities. This is the second in a special four-part NPQ series with FMA’s Hilda Polanco and Gina McDonald that will provide financial and administrative staff as well as board members with a heads up about the most critical aspects of the changes you will need to make.
What the New FASB Nonprofit Accounting Guidelines Require: On Restricted Contributions, Functional Expenses, and “Eye-Opening” Disclosures
With the replacement of temporarily and permanently restricted categories for reporting contributions and related net assets, enhanced disclosures require nonprofits to describe more about how restrictions affect the USE OF RESOURCES.
In addition, the issue of classifying costs as program vs. overhead continues to be a focus in the sector. Under the new guidelines, not only must expenses be reported by function, but nonprofits MUST DISCLOSE THE METHODOLOGY used for allocations and whether the methods are consistently applied. This webinar will summarize the changes and explore the following questions:
- Is your functional expense allocation properly representing your resource allocation strategy?
- Is this an opportunity to refresh your approach?
We will continue to focus on nonprofits’ preparedness to tell their financial stories, particularly in this environment of increased disclosure and FASB’s focus on transparency and visibility into the policies that drive a nonprofit’s financial decisions.
Especially relevant for Executive Directors, CFOs, and Board Members, this webinar will help jumpstart some critical conversations at your organization in advance of the impending reporting changes.
Can't attend the live webinar? Register and we'll send you the recording!
You can send your questions to firstname.lastname@example.org to have them answered during the web event.
Sponsored by: Accufund