Implementing FASB's Liquidity & Available Resources Guidelines
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Previously Live: Recorded version available for viewing
By now, all nonprofits are operating in fiscal years that require them to comply with FASB's Accounting Standards Update (ASU) 2016-14. This was among the most significant changes to nonprofit financial reporting in many years. As with any significant shift, there was much discussion about the theory and the promise when the new standard was issued. According to the AICPA , "This discussion about the availability of resources is an opportunity for the [nonprofit] to convey a message about its strategy, whether it be conserving excess funds for future projects or managing cash flow during lean times...the analysis of liquidity may even highlight a need to restructure operations to provide greater stability." (See here.)
Now that we are living with it, what are the realities? What are nonprofits learning about the real challenges and opportunities of liquidity disclosure? We have asked Gina McDonald, Lead Consultant at FMA to join us with an update on how implementation is going out in the field and what strategies for success are emerging.
Among the topics, Gina will cover:
- A quick review of the standard and what FASB's intentions with it are
- Challenges nonprofits are facing in implementing the standard
- Benefits nonprofits are reaping from implementation
- Strategies for implementation success
- Liquidity disclosure and reporting to donors and funders
This session is ideal for CFOs and Finance Directors, finance consultants to nonprofits, Board Treasurers, and anyone actively involved in the financial reporting of nonprofits.
CPA, Lead Consultant at FMA