In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14: Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit Entities. The updates went into effect for fiscal years starting after December 15, 2017.

The new standards include the changes in key areas. You can read more about these in our article featured in Arkansas Business.