Accounting Standard Updates Enter Second Year

As we near the end of fiscal 2019, business officers can look back on a full year of implementing the (relatively) new not-for-profit accounting standard updates. The Financial Accounting Standards Board released ASU 2016-14 three years ago to streamline net asset classification and improve clarity about nonprofits’ liquidity, but the changes went into effect just last year. Here is a quick refresher on the changes and a few recommendations for schools still adapting to them.