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Article of Interest: Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities

Recommended by: Kim Fusco

On August 18, 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that changes financial reporting for not-for-profit organizations. The ASU is intended to simplify and improve net asset classifications and disclosures about liquidity, financial performance, and cash flows. In development by FASB’s Not-for-Profit Advisory Committee since 2011, Phase 1 of the long-awaited financial reporting projected has been released.

Click here to learn more about FASB’s financial reporting project.


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As a Principal in Ellin & Tucker’s Audit, Accounting, and Consulting Department, Kim is dedicated to performing high-quality audit, tax, and advisory services to numerous not-for-profit organizations and foundations.  As Chair of the firm’s Not-For-Profit Services Group, Kim’s extensive knowledge of not-for-profit audit and accounting standards, including OMB A-133 audits, have helped grow the firm’s not-for-profit services group practice to more than 100 organizations in the Baltimore region.

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