By: Michael Cohn
Featuring: Carl Kampel & Kim Fusco
The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the information provided in not-for-profit financial statements and notes to financial statements that could have major implications for nonprofit organizations.
FASB previewed some of the changes in March (see FASB Proposes Accounting Standards Changes for Nonprofits and Big Changes on the Way for Nonprofit Accounting).
“The proposed ASU contains recommended enhancements to the fundamental reporting model for not-for-profit organizations—a model that has existed for more than 20 years,” said FASB member Lawrence W. Smith in a statement. “We believe that these changes will refresh the model in ways that will make not-for-profit financial statements even more useful to donors, lenders, and other users.”
To read more, click on FASB Proposes Major Changes in Nonprofit Accounting.