Relaxation, Reflection, Restriction – Wait, What?

Now that the busy season is over, your mind might turn to some other pressing issues—summer vacation and the recent FASB ASU 2016-14. Hopefully in that order. Let’s tackle them in that order. 

Summer vacation
It’s late spring and Mother Nature has been confused a lot this year, so you may want some time away. I’ve got two suggestions—head for either extreme tropical or extreme non-tropical.

• Extreme tropical: Go to Maui. Of all the locations I’ve been, I still pine for two weeks of uninterrupted Maui time. Why? Because to me, Maui has everything I want to do. Check out Pride of Maui’s list of things to do for more info. It matches my vacation “to-do” list!
• Extreme non-tropical: Try Little Sebago Lake, Maine. I grew up in the northeast and Maine is a true vacation destination to a New Englander. This review of Little Sebago matches my memories of both the lake and the area.

FASB ASU 2016-14
Of course, the more important topic in this blog post is the change in reporting requirements for nonprofit organizations with regard to revenue recognition (and standards codification). If you haven’t read the update yet, you can find it here. 

I’m repeatedly asked about what changes we’ve made to the Blackbaud University curriculum as per these newest requirements. Here are a few of the changes:

• Updated the Class code table in the sample data to include new classifications for With Donor Restrictions and Without Donor Restrictions
• Changed the language within course material to reference two classes rather than three
• Updated any material specific to FAS 116 and 117 to mention new ASU 2016-14 standards

Looking to take some of Blackbaud University’s Financial Edge or Financial Edge NXT curriculum? Check out the curriculum datasheets for each:

If you’re wondering what you should do in preparation for the impending FASB changeover (effective for annual financial statements issued for fiscal years beginning after December 15, 2017, and for interim periods within fiscal years beginning after December 15, 2018), I stumbled across a fantastic resource from last year’s bbcon 2017. It’s the presentation by Tom Walker, Principal Product Manager for Financial Edge and Financial Edge NXT, What Nonprofit CFOs Need to Know about the New FASB Regulations. If you didn’t attend bbcon last year or you just want a refresher on what ASU 2016-14 means with regard to Financial Edge/Financial Edge NXT, the recorded presentation is time well spent. By the way, bbcon 2018 early registration is now open for this year’s event in Orlando, FL.

So, take some time to renew and refresh, but then dive right back in to some great information on the recent FASB regulations—or any Financial Edge topic!