News Release 11/28/17
Registration Opens for December 19 FASB Webcast on the New Not-for-Profit Financial Reporting Standard
Participants in Live Webcast Eligible for Up to 1.5 CPE Credits
Norwalk, CT, November 28, 2017—Registration now is open for an upcoming Financial Accounting Standards Board (FASB) webcast on implementation considerations for the new FASB standard on financial statement presentation for not-for-profit organizations. FASB Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, is effective for calendar year 2018 (fiscal year 2018–19).
IN FOCUS: The New NFP Financial Reporting Standard: Get Ready for It! will take place on Tuesday, December 19, 2017, from 1:00 to 2:15 p.m. Eastern Standard Time. It will focus on the standard’s new requirements on net asset classification, disclosures on liquidity and availability of financial assets, reporting of expenses and investment return, and other areas.
Participants in the live broadcast (which is offered free of charge to those who preregister) will be eligible for up to 1.5 hours of Continuing Professional Education (CPE) credits. (Please note that CPE credit is not available for group viewing of the live broadcast.)
The webcast will feature FASB Assistant Director—Nonpublic Entities Jeff Mechanick, FASB Supervising Project Manager Rick Cole, and Andrew Prather, member of the FASB’s Not-for-Profit Advisory Committee, discussing, illustrating, and providing answers to frequently asked questions about the standard’s key provisions. They will also answer participant questions.
An archive of the webcast will be available on the FASB website after the live event. (CPE credit will not be available to those who view only the archived webcast.)
For more information about the webcast, visit www.fasb.org.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.