03/20/2017 | Press release | Distributed by Public on 03/28/2017 10:13

BDO Nonprofit Leaders Publish Book on FASB Financial Reporting Accounting Standards Update

-BDO USA, LLP, the nation's fifth largest accounting and consulting firm, announces today the release of 'How to Read Nonprofit Financial Statements: A Practical Guide, 3 Edition,' published in collaboration with John Wiley & Sons, Inc. and the American Society of Association Executives (ASAE). Written for financial professionals, and nonprofit executives and board members alike, this book is an essential guide for all nonprofit stakeholders navigating FASB ASU 2016-14-Not-For-Profit Entities (Topic 958): Presentation of Financial Statements of Not-For-Profit Entities, issued in August 2016. The book's co-authors are William D. Eisig, Atlantic managing partner and Executive Director of the BDO Institute for Nonprofit Excellence, Lee Klumpp, National Nonprofit and Education Audit and Accounting Technical Director at BDO, Tammy Ricciardella, a director in the BDO Institute for Nonprofit Excellence, and Andrew Lang, President of LangCPA Consulting. 'How to Read Nonprofit Financial Statements: A Practical Guide, 3 Edition' steers readers, line-by-line, through financial statements and provides in-depth explanations of the differences between the old and new standards. Co-author Lee Klumpp was instrumental in the development of the nonprofit financial reporting ASU as a participant in the FASB Industry Fellowship Program from 2012 to 2014. 'The FASB's guidance this August marked the biggest change to nonprofit financial reporting in over 20 years,' said Klumpp, who is also a member of the Financial Accounting Standards Board Nonprofit Resource Group. 'The ASU aims to enhance the transparency of nonprofit financial statements. Only organizations that take the time to thoroughly understand the changes now will be able to utilize their financial statements to more effectively communicate their fiscal story.' ''How to Read Nonprofit Financial Statements: A Practical Guide' equips nonprofit board members, the senior management team and key stakeholders with the information they need to effectively understand their organization's financial statements. Through detailed, line-by-line analysis of each part of a financial statement, the authors have created a premier source of information that is easy to understand regardless of professional background,' said Michael Bauer, Chief Financial Officer of World Wildlife Fund. 'Financial statements are essential tools for all nonprofit stakeholders-including board members and donors that may not play a direct role in financial matters. The book includes numerous illustrations and exercises to help readers feel quickly at home with the format of nonprofit financial statements,' said Laurie De Armond, partner and national co-leader of BDO's Nonprofit and Education practice. In addition to a comprehensive look at the new ASU, the updated edition also includes new chapters on financial reserves and benchmarking to help nonprofits measure performance against industry peers. The book is intended to help nonprofit stakeholders navigate changing nonprofit financial reporting requirements and improve the way they communicate their organization's fiscal story. 'Closely aligned with BDO's core purpose of helping people thrive every day, 'How to Read Nonprofit Financial Statements: A Practical Guide' provides nonprofit board members with the tools they need to enhance their financial literacy,' said Adam Cole, partner and national co-leader of BDO's Nonprofit and Education practice. To order a copy of 'How to Read Nonprofit Statements: A Practical Guide, 3 Edition,' visit the BDO Institute of Nonprofit ExcellenceResource Center.
BDO NONPROFIT & EDUCATION PRACTICE For 100 years, BDO has provided services to the nonprofit community. Through decades of working in this sector, we have developed a significant capability and fluency in the general and specific business issues that may face these organizations. With more than 2,000 clients in the nonprofit sector, BDO's team of professionals offers the hands-on experience and technical skill to serve the distinctive needs of our nonprofit clients-and help them fulfill their missions. We supplement our technical approach by analyzing and advising our clients on the many elements of running a successful nonprofit organization.
BDO INSTITUTE FOR NONPROFIT EXCELLENCE BDO's Institute for Nonprofit Excellence (the Institute) has the skills and knowledge to provide high quality services and address the needs of the nation's nonprofit sector. Based in our Greater Washington, DC Metro office, the Institute supports and collaborates with BDO offices around the country and the BDO International network to develop innovative and practical accounting and operational strategies for the tax-exempt organizations they serve. The Institute also serves as a resource, studying and disseminating information pertaining to nonprofit accounting and business management. The Institute offers both live and local seminars, as well as webinars, on a variety of topics of interest to nonprofit organizations and educational institutions.
About BDO USA BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax, advisory and consulting services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. The firm serves clients through more than 60 offices and over 500 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of 1,408 offices in 154 countries. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information please visit: