New Nonprofit Accounting Standards Could Have Major Impact

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Big changes related to nonprofit accounting are on the horizon. On April 22, 2015, the Financial Accounting Standards Board (FASB) issued proposed ASU, Presentation of Financial Statements of Not-for-Profit Entities. In response to requests for better information about how nonprofits use their resources, the proposed update is intended to add clarity about an organization’s liquidity, financial performance and cash flows, while also improving upon the current net asset classification scheme.

“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,” stated FASB member Lawrence W. Smith. “We believe …read more

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