In 2016, FASB Issued ASU 2016-14 Presentation of Financial Statements for Not-for-Profit Entities. Among other changes, this new standard requires organizations to prepare the statement of functional expenses.

Not-For-Profit Practice Partner Jenny Herrera will be addressing the requirements of the ASU and will provide information on the accounting, reporting, and auditing of expenses and allocations at the Washington Non-Profit Legal & Tax Conference. Her session is titled, "Understanding Functional Expenses for Financial Statements."