User Support Forum

Will there be any updates in PCP for the new regulations in ASU 2016-14?

TRGCPAJB wrote:Will there be any updates in PCP for the new regulations in ASU 2016-14?

Not that I have heard. The main changes were in the presentation of unrestricted and restricted (whether temp or permanent) net assets. Powerchurch already presents those distinctions in reports when needed, especially in the Cash Flow report, which was singled out as one area that needed revision.

Also, these changes are mainly for those Non-Profits that "... seek resources from lenders, bondholders, donors, and grantors, including foundations and governmental agencies, that seek financial information in making their decisions to lend, donate, or grant resources to an NFP. "

Many churches, the only time they need to present GAAP type reports is when they're going to a bank for a building loan, and the reports can easily be adapted to that format when necessary.