The document discusses upcoming changes in nonprofit financial reporting as FASB prepares to revise the model established by accounting standards nos. 116 and 117. These changes aim to enhance the clarity and significance of financial statements for not-for-profit organizations. Stakeholders will need to be educated about the implications of these modifications on internal controls and reporting practices.

1. 2016
nboa
ANNU
AL

2. Accounting &
Finance Track
Session Previews

6. Nonprofit
Financial
Reporting:
A Whole New
Model
It has been 20 years since Statement of Financial
Accounting Standards Nos. 116 and 117 dramatically
changed the look and feel of financial statements for
not-for-profit organizations. FASB is on the eve of
rolling out substantial changes to the existing model
with the intent to improve the understandability and
meaningfulness of these financial statements.
Become familiar with the proposed changes and
anticipate modifications that will need to be made in
your school's internal controls and financial
reporting. Learn how to educate stakeholders on the
impact that the changes may cause (e.g., debt
covenants).
Monday, February 22, 2016 at 3:15pm