Wednesday September 26 2018 | 4:30PM—6:30PM |
Scarab Club | 217 Farnsworth Street | Detroit, MI 48202
Thursday September 13 2018 | 4:30PM—6:30PM |
Ann Arbor Club | 103 East Liberty Suite #300 | Ann Arbor, MI 48104
Thursday August 23 2018 | 4:30-7:30 PM |
Hosted at Detroit Historical Museum
After several years of stability in the accounting standards for nonprofit organizations, the new FASB standards need to be addressed soon on several different issues. Most of the preparation has focused on ASU 2016-14 Presentation of Financial Statements, which is effective for years beginning after Dec.15, 2017. Some organizations have not yet begun to consider the standards of ASU 2014-09, Revenue from Contracts with Customers, which will be effective for most nonprofit entities for periods beginning after December 15, 2018, except for certain entities who have conduit debt which is not a private placement that have earlier adoption requirements.
The Tax Cuts and Job Act was passed in December 2017, but the total impact to nonprofits will not really be known until we get through 2018. The reason, not only are there direct impact items in the Act, but there are also indirect impact items. It is very likely that the indirect impact items will have a greater effect on nonprofits.