Here’s What We KnowAbout Pending FASB Changes

The Financial Accounting Standards Board (FASB) hasn’t changed nonprofit reporting requirements in decades. However, earlier this spring, the FASB announced several proposed changes. Although the rules haven’t been finalized and won’t become effective until 2017, there are a few important changes that businesses need to understand. According to a recent post published by Bob Blake and our friends at Xanegy entitled “FASB Considers Changes to Reporting Requirements for Nonprofit Organizations,” the proposed changes are intended to make financial statements more useful to donors, lenders, and other business partners or nonprofit associates. Changes with common accounting procedures can create challenges; however, Intacct has your back. As these or other financial reporting changes go into effect, we here at BTerrell Group can help you remain compliant with the support of Intacct. Contact us for additional information about the proposed FASB changes and how Intacct can keep your accounting processes intact and compliant.

By BTerrell Group, an Intacct Premier Partner