2017 Seminar: FASB Non-Profit Reporting Update

The current not-for-profit (NFP) financial reporting model has been in place since 1993, but does it work
in today’s environment? Over the last several years, experts have questioned whether the current model
accurately addresses the unique accounting needs of NFPs and the users of their financial statements. As
in the for-profit world, there have been concerns about the comparability of organizations and their
financial results, liquidity and overall performance. In response to these concerns, the Financial
Accounting Standards Board (FASB) initiated a project to update the current model in 2011.

On Thursday, August 18, 2016, FASB approved the long-awaited first step in changes to the financial
reporting model for not-for-profit organizations by releasing Accounting Standards Update No. 2016-14,
Not-for-Profit Entities {Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.
We will take a quick overview of the changes and the impact this has on not-for-profit financial reporting.

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Cheryl O’Brien, Controller, Star of Hope Mission

Cheryl is currently employed as Controller at Star of Hope Mission in Houston, TX. She
previously was employed as the CFO at Junior Achievement of Southeast Texas for 4 years.
Prior to that, Cheryl was a senior manager in the audit group for Deloitte. Her areas of expertise
at Deloitte were employee benefit plans, not-for-profits as well as casino gaming. She has been
a speaker at many professional events on not-for-profit accounting issues and works with the
Houston Society CPA’s Community Services Committee.
In addition to her professional work, Cheryl serves as the Audit Chair and member of the
Finance Committee and secretary of the Administrative Board for her church, First United
Methodist Church of Houston. She is also active at the council level or the Girl Scouts of San
Jacinto Council and is also active in her civic club and local politics.