Lesson 2 – Impact

 

Impact

All nonprofit organizations, including charities, foundations, private colleges and universities, health care providers, cultural institutions, religious organizations, and trade associates, and more are affected by the new rules.

These rules apply to the presentation audited financial statements.

If your nonprofit organization does not require an audit, the rules apply to a Review engagement and any financial statements that are required to be prepared in accordance with Generally Accepted Accounting Principles (GAAP).