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Preparing the Statement of Cash...
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Jeffry Haber, PhD, CPA, and Karen Wallace, CPA
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, removes the requirement that not-for-profit (NFP) entities that choose to prepare the statement of cash flows using the direct method must also present a reconciliation (the indirect method). This is one of the two impediments to the use of the direct method. The second is the informational needs; the indirect method can easily be prepared using a spreadsheet, which is usually not true for the direct method.
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