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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.

About the Author

Chris is a Partner and divides his time between Klatzkin’s Newtown and Hamilton offices. He focuses on serving the audit, tax, and compliance needs of independent schools and nonprofit organizations. Chris works with schools and organizations in New Jersey and Pennsylvania to navigate compliance issues, audit concerns, and tax planning matters. He has experience with...

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