* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Slides - AWSCPA Houston
History of the Federal Reserve System wikipedia , lookup
Fundraising wikipedia , lookup
Securitization wikipedia , lookup
Systemic risk wikipedia , lookup
Financial literacy wikipedia , lookup
Reserve study wikipedia , lookup
Global financial system wikipedia , lookup
Global saving glut wikipedia , lookup
Investment fund wikipedia , lookup
Mark-to-market accounting wikipedia , lookup
International asset recovery wikipedia , lookup
Asset-backed commercial paper program wikipedia , lookup
Shadow banking system wikipedia , lookup
Investment management wikipedia , lookup
Financialization wikipedia , lookup
Financial crisis wikipedia , lookup
Interbank lending market wikipedia , lookup
Systemically important financial institution wikipedia , lookup
ASU 2016-14, Topic 958 • First major set of changes to Not for Profit (NFP) financial statement presentation standards since the issuance of FASB Statement No. 117, Financial Statements for Not-for-Profit Organizations, in 1993. • This new standard is part of the FASB’s ongoing review of Generally Accepted Accounting Principles (GAAP) to ensure that they continue to meet the evolving needs of a dynamic financial reporting environment. NET ASSETS Balance Sheet Presentation Example Footnote Disclosure – With Donor Restrictions Net assets with donor restrictions are restricted for the following purposes or periods: Subject to expenditure for specified purpose: Program A activities: Purchase of Equipment Research Program B activities: general Buildings and equipment $ 3,060 950 2,000 2,240 8,250 Subject to the passing of time: For periods after 20X1 5,250 Subject to Entity’s spending policy and appropriation: Investment in perpetuity Total Net Assets with Donor Restrictions 102,157 $ 115,657 Example Footnote Disclosure – Board Designations Note XX – Net Assets Without Donor Restrictions Text disclosure in notes Tabular disclosure or on face of the SOFP The Board of Directors of XYZ Organization has several standing board policies that affect the presentation of board designations on net assets. Bequests without donor restrictions are $3,700, designated for longterm investment (quasi-endowment). The quasi-endowment balance totaled $3,500 at December 31, 20XX. Additionally, the Board of Directors has established an operating reserve with the objective of setting funds aside to be drawn upon in the event of financial distress or immediate liquidity need, The operating reserve totaled $1,300 at December 31, 20XX. Net assets without donor restrictions: Undesignated $ 92,677 Quasi-endowment 3,700 Operating reserve 1,300 Total 97,677 Statement of Activities LIQUIDITY AND RISK Qualitative Liquidity Disclosure - Example The Board periodically designates a portion of any operating surplus to its liquidity reserve. As of December 31, 20XX, the liquidity reserve was $1,300. This is a governing board-designated fund with the objective of setting funds aside to be drawn upon in the event of financial distress or an immediate liquidity need resulting from events outside the typical life cycle of converting financial assets to cash or settling financial liabilities. In the event of an unanticipated liquidity need, NFP A also could draw upon $10,000 of available line of credit (as further discussed in Note XX) or the quasi-endowment fund. EXPENSE REPORTING OTHER CHANGES