With our Philanthropy Now podcasts, we explore trends in the world of philanthropy, social impact initiatives in Silicon Valley and beyond, and look at how SVCF promotes innovative philanthropic solutions to challenging problems.
Chief Operating Officer and Chief Financial Officer, SVCF
Partner, Moss Adams
For our newest podcast, SVCF's COO and CFO Paul Velaski is joined by Moss Adams Partner Liz Dollar to discuss how nonprofits are affected by the Financial Accounting Standards Board's updates to the accounting standards.
Paul and Liz start off by outlining the updates' primary objective: updating accounting reporting models for nonprofits. Liz walks us through some of the major changes to reporting, which by and large should have a positive effect on the nonprofit sector. We cover early adoption of these standards, how disclosure requirements will change, and why accounting should be easier thanks to these updates.
What you'll learn
- Why FASB is updating its accounting standards for nonprofit organizations
- Whether organizations can adopt the new standards early, and if so, how
- Why the changes to presentation of net assets is getting a lot of press, and how it's changing
- What you need to know about the brand-new area of disclosure: liquidity
- How phase two of these updates might look and why FASB is trying to get nonprofit accounting on par with for-profit accounting standards
- Why the time and cost of these updates should be positive for your nonprofit
Resources from this episode
- Financial Accounting Standards Board
- FASB's Update 2016-14
- Moss Adams' Presentation on the 2016-14 update