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NFP Learning Series: A Board Member's Guide to Financial Reporting Changes


The Financial Accounting Standards Board (FASB) provides the financial reporting model used by not-for-profit organizations. The 2016 update released in August includes the biggest changes to not-for-profit reporting in more than 20 years! The changes are effective for periods beginning after 12/15/2017, calendar year-end 2018 or fiscal years ending in 2018.

Key changes from existing practice include:

  • Allowing free choice between the direct method and indirect method of presenting cash flows
  • Improving the presentation and disclosures for net asset classes
  • Enhancing information about the liquidity and availability of financial resources
  • Providing better information about expenses and expense allocations
  • And improving reporting of investment return


A Board Member’s Guide to Financial Reporting Changes is designed to help those responsible for your organization’s financials understand the FASB changes and how to be in compliance.


  • What the new standard requirements are
  • How the new standards will change financial statement
  • When the new standards will take effect
  • How executives and board members can prepare for these changes



Bo_Garner_PBMares.jpg Ed_Yoder_PBMares.jpg

Bo Garner, CPA, MBA
Assurance Manager
Not-for-Profit Team Co-Leader
PBMares, LLP

Ed Yoder, CPA, MSA
Assurance Manager
Not-for-Profit Team Co-Leader
PBMares, LLP