Proposed Changes in Nonprofit GAAP

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Thomson Reuters reports that the FASB expects to issue their proposals of changes to nonprofit GAAP by late March 2015. These proposals would represent the first major changes to nonprofit accounting in over 20 years.

The key proposals are expected to address the following aspects of nonprofit GAAP:

  • Clarified reporting related to the restriction of funds relative to the total amount of funds available.
  • Improved performance reporting by altering the statement of activities to include an operating measure showing expenditures related to the organization’s mission as well as donated funds available to be spent.
  • Significant changes to the statement of cash flows …read more

    Read more here:: Nonprofit

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