Implementing FASB ASU 2016-14 Not-For-Profit Financial Statement Reporting
Clarifying Net Asset, Liquidity and Functional Allocation Presentation
Recording of a 110-minute CPE webinar with Q&A
This course will guide advisers to nonprofit organizations as they continue to work through the new FASB reporting requirements for nonprofit organizations. The panel will review the specific changes to various financial reporting requirements required by the new standard, including the reduction in the number of net asset classes, change in presentation of cash flows, and enhanced reporting on liquidity. The event will discuss the reporting protocols and alternatives in the FASB.
Outline
- Contents of ASU 2016-14
- Change in net asset classifications
- Reporting underwater endowments or endowments with donor restrictions
- Liquidity reporting requirements and options
- Cash flow presentation
- Functional expense presentation
- Implementation challenges and key dates
Benefits
The panel will discuss these and other relevant topics:
- What are the considerations in determining how best to disclose the analysis of expenses by both function and nature of classification?
- What factors do NFP advisers and executives have to consider while reducing the number of net asset classifications from three categories to two, while also complying with the liquidity disclosures?
- What influence do donor restrictions and underwater endowments have on net asset classification?
- What are the differences between the indirect to direct method of reporting when presenting the net amount of operating cash flows given that this FASB ASU no longer requires reconciliation to the indirect method?
Faculty
Kenneth Euwema
Vice President, Controller
United Way Worldwide
Mr. Euwema joined United Way Worldwide (formerly United Way of America and United Way International) in November of... | Read More
Mr. Euwema joined United Way Worldwide (formerly United Way of America and United Way International) in November of 2003 and currently serves as the Vice President and Controller. He is responsible for ensuring solid financial controls and financial reporting to management. In addition, Mr. Euwema oversees the annual independent audit and preparation of the IRS Form 990. He also has primary responsibility of guiding the UW network on financial issues through his work on the UW Financial Issues Committee, the UW Financial & Talent Management Forum, FASB (currently serving on the FASB Nonprofit Advisory Committee), the IRS, and the US Office of Combined Federal Campaign Operations. Mr. Euwema also retains responsibility for UWW's Membership accountability functions. During his early tenure at UWW, he was instrumental in the creation of the United Way CFO’s Deskbook and implementation of finance related membership requirements.
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Lee Klumpp
Director
BDO USA
Mr. Klumpp previously worked in audit practices at KPMG and Ernst & Young and currently works with a number of... | Read More
Mr. Klumpp previously worked in audit practices at KPMG and Ernst & Young and currently works with a number of the firm's non-profit organization clients. He is a frequent speaker on OMB circulars A-133, A-122 and A-110 and other relevant topics for non-profits.
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