On March 4th, the FASB voted to move forward on a proposal that would change the way universities, charities, foundation and other nonprofit organizations communicate the manner in which they spend and invest funds. The proposed changes would require financial statements to reflect additional transparency regarding liquidity, financial performance and cash flow.
Support for the proposal was not unanimous, with FASB Chairman Russell Golden and Vice Chair James Kroeker voting against the proposed standard in a 5-2 vote. Even among the five board members who voted in favor, two did so with reservations.
Reports the Journal of Accountancy: “FASB Chairman Russell Golden, …read more
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