ASU 2016-14, Nonprofit Financial Statements  

Upon successful completion of this course, the user should be able to:

• identify when the previous model for NFP financial statements (FASB Statement 117) was issued and implemented, and the impact it had on NFP entities,

• recognize how, under current U.S. GAAP, liquidity is conveyed in the financial statements of a not-for-profit entity,

• identify the changes to the classification of net assets that ASU 2016-14 will bring,

• identify the characteristics of asset and liability sequencing,

• identify the additional statement voluntary health and welfare organizations were required to present as part of a complete set of financial statements before ASU 2016-14,

• recognize those who have not historically been in favor of the direct method of preparation for the statement of cash flows, and

• identify some of the terms added to or deleted from the Master Glossary.