Wiley Not-for-Profit GAAP 2017

3Statement of Financial Position

1. Perspective and Issues
2. Concepts, Rules, and Examples
   1. Liquidity
   2. Offsetting Assets and Liabilities
   3. Acceptable Formats
3. Disclosure Requirements

Perspective and Issues

The statement of financial position is one of the basic financial statements of a not-for-profit organization. It is the organization's balance sheet and reports the organization's assets, liabilities, and net assets. The statement must be presented in order to present an organization's financial position as part of a complete set of financial statements prepared in accordance with generally accepted accounting principles.

The statement of financial position should present information about an organization's liquidity by either sequencing assets and liabilities or classifying assets and liabilities as current and noncurrent. The statement should view the organization as a whole and report total assets, total liabilities, and total net assets. It should also report totals for unrestricted net assets, as well as information about the nature and amounts of temporarily restricted and permanently restricted net assets (unless disclosed in the notes to the financial statements).

FASB ASC 958-210 provides the basic GAAP requirements for preparing the statement of financial position.

In August 2016 the FASB issued Accounting Standards Update 2016-14 entitled Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities. Upon implementation of ASU 2016-14, ...