--- title: Sage 300 & New FASB Nonprofit Accounting Standards description: Financial Accounting Standards Board (FASB) announced in August of 2016 an update to the current standards.Learn more about what you can do in Sage 300 to be prepared for these changes. image: https://www.equationtech.us/hubfs/blog_images/FASB.png --- [866.436.3530](tel:+8664363530) | [** Customer Portal Login](https://na.myconnectwise.net/support/index.htm?Company=equationtech) [Speak With an Expert](https://www.equationtech.us/speak-with-an-expert) [![Equation Technologies - Sage Business Partner | San Diego](https://www.equationtech.us/hs-fs/hubfs/Redesign_Images/logo.png?width=230&name=logo.png "Equation Technologies - Sage Business Partner | San Diego")](https://www.equationtech.us/) - [Sage Services](https://www.equationtech.us/sage-services) - Products We Support - [Sage 300](https://www.equationtech.us/sage-services/sage-300-cloud) - [Sage Intacct](https://www.equationtech.us/sage-services/sage-intacct/) - [Sage CRM](https://www.equationtech.us/sage-services/sage-crm) - [Sage Payroll](https://www.equationtech.us/sage-services/sage-payroll) - [Sage HCM](https://www.equationtech.us/sage-services/sage-hcm-software) - [Sage FAS](https://www.equationtech.us/sage-services/fixed-assets) - [Sage Intelligence](https://www.equationtech.us/sage-services/sage-intelligence) - [Sage Enterprise Intelligence](https://www.equationtech.us/sage-services/sage-enterprise) - Services We Offer - [Software Selection](https://www.equationtech.us/software-solution-selection) - [Implementation](https://www.equationtech.us/sage-services/erp-implementation) - [Customization](https://www.equationtech.us/sage-services/customization) - [Support](https://www.equationtech.us/sage-services/support) - [Training](https://www.equationtech.us/sage-services/sage-training) - [Sage Cloud](https://www.equationtech.us/sage-services/hosting) - [Upgrades](https://www.equationtech.us/sage-services/upgrades) - [Extend Sage](https://www.equationtech.us/sage-integrations) - [Magento eCommerce](https://www.equationtech.us/sage-integrations#magento) - [ADP](https://www.equationtech.us/en/sage-300-sage-intacct-payroll-powered-by-adp) - [Aloha POS](https://www.equationtech.us/sage-integrations#aloha) - [Salesforce](https://www.equationtech.us/sage-integrations#salesforce) - [TimeClockPlus](https://www.equationtech.us/timeclockplus) - [Other Solutions](https://www.equationtech.us/other-solutions) - Industries - [Distribution](https://www.equationtech.us/distribution-management-software-solution) - [Education Nonprofit](https://www.equationtech.us/education-nonprofit-accounting-software) - [Financial Services](https://www.equationtech.us/financial-services-software) - [Franchise](https://www.equationtech.us/franchise-management-software) - [Healthcare](https://www.equationtech.us/healthcare-finance-software) - [Hospitality](https://www.equationtech.us/hotel-restaurant-accounting-software-solutions) - [Metal Processors & Distributors](https://www.equationtech.us/erp-for-metal-industry-businesses) - [Nonprofit](https://www.equationtech.us/nonprofit-accounting-software) - [Professional Services](https://www.equationtech.us/professional-services-software) - [SaaS & Technology](https://www.equationtech.us/erp-software-for-technology) - [Resources](https://www.equationtech.us/sage-software-resource-library) - [Technology Blog](https://www.equationtech.us/technology-blog) - [Training](https://www.equationtech.us/sage-services/sage-training) - [Online Videos](https://www.equationtech.us/sage-300-erp-accpac-tutorial) - [Case Studies](https://www.equationtech.us/case-studies) - [About](https://www.equationtech.us/about-us) - [Meet The Team](https://www.equationtech.us/management-team) - [Partners](https://www.equationtech.us/partners) - [Careers](https://www.equationtech.us/careers) - [Contact](https://www.equationtech.us/contact) This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. # Sage 300 & New FASB Nonprofit Accounting Standards ![technology blog](https://www.equationtech.us/hubfs/blog_images/FASB.png) **twitter **linkedin **facebook ### Not-for-Profit FASB Financial Reporting Updates in Sage 300 The current not-for-profit reporting model has been in place for more than 20 years. In an effort to simplify and improve financial reporting for not-for-profit organizations, the [Financial Accounting Standards Board](http://www.fasb.org) (FASB) announced in August of 2016 an update to the current standards. While the new standards do not take effect until December 15, 2017 (that is, fiscal years beginning after December 15, 2017), early application is allowed and encouraged. The hope is that these changes will make ongoing non-profit financial statement preparation easier, but in the short term there will be some effort required to modify your nonprofit’s financial statement templates. ### Sage 300 Reporting and FASB In [Sage 300](https://www.equationtech.us/sage-services/sage-300) (formerly known as Sage Accpac), financial statements are usually generated in one of two places; the **Financial Reporter** or the [Sage Intelligence](https://www.equationtech.us/sage-services/sage-intelligence) module. If you use the **Sage 300 Financial Reporter**, you will need to use the **Statement Designer** to modify your statement templates. For example, if you are not already using the Direct Method for your Statement of Cash Flows, you will need to copy or modify you Indirect Statement of Cash Flows as a Statement of Cash Flows using the Direct Method is now required. (It is worth noting an Indirect Statement of Cash Flows is optional.) If you use **Sage Intelligence** for your financial reporting needs, you will need to modify your statement templates in the **Report Manager** program. For example, if you need to update your Statement of Changes in Net Assets, you will need to run your existing statement, make your modifications, then right-click and “Save Excel Template” from the Report Manager. ![Sage 300 Financial Reporter Statement Designer](https://www.equationtech.us/hs-fs/hubfs/blog_images/FASB.png?width=750&name=FASB.png "Sage 300 Financial Reporter Statement Designer") *Example of new Statement of Changes in Net Assets format.* For both the **Sage 300 Financial Reporter** and **Sage Intelligence** it is a good idea to make backup copies of your existing financial statement templates before make any modifications. ### Summary of FASB Reporting Changes The reporting requirements in the following areas are being revised: - Classification of Net Assets - Updated net asset classification scheme to two classes - Changes to underwater endowment accounting - Enhanced disclosures - Investment Return Calculation - Present investment return net of external and direct internal investment expenses - No longer required to disclose netted expenses - Presentation of Expenses - Requirement to report expenses by function (already required), nature, and an analysis showing the relationship between function and nature - Tracking Liquidity - Quantitative & qualitative disclosures about liquidity and availability of resources - Presentation of Operating Cash Flows (using the “direct method,” not the “indirect method”) - Continue to allow direct or indirect method for operating cash flows - Indirect reconciliation no longer required for direct method For full details, read the [announcement put out by FASB](http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176168380887) in August 2016. ### Need Help Making the Changes? Give us a call at (866) 436-3530 if you need assistance making these changes in Sage 300. Or click the button below to watch a recorded [web training session](https://www.equationtech.us/sage-webinar-training-events) on Sage 300 Financial Reporter. [Watch the Training Video](https://attendee.gotowebinar.com/recording/6933338184379835905) Source: [http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176168380887](http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176168380887) ### Related Articles ##### [Sage 300 & Windows 10 End of Life: What You Need to Know](https://www.equationtech.us/sage-accpac-blog/sage-300-windows-10-end-of-life-what-you-need-to-know) There’s been a lot of conversation lately around Windows 10 end of life and what that means for... ##### [From Start-Up to Quarter Billion – How Sage 300 Scaled Success](https://www.equationtech.us/sage-accpac-blog/from-start-up-to-quarter-billion-how-sage-300-scaled-success) We also have a [video version](https://drive.google.com/file/d/1ssdM9iHt6Wz86A-VDvAER03NdXkAodg9/view?usp=sharing) of this article, where you can hear directly from one of our ERP... ##### [How to Simplify Payroll and Job Costing with Sage 300](https://www.equationtech.us/sage-accpac-blog/how-to-simplify-payroll-and-job-costing-with-sage-300) Getting payroll to play nice with your job costing system is like fitting a square peg into a round... ## Need Help Now? 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