The amendments in this update from the FASB are effective for NFPs for fiscal years beginning after December 15, 2016. The standard will become testable on the CPA exam October 2017.

FASB Update: ASU 2016-14 – NFP Standards Testable January 2018

By Surgent CPA Review Team

The FASB issued Accounting Standard Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The update was designed to improve existing standards, and is eligible to be tested on the CPA Exam in January 2018.