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:
The objective of the proposals would be to increase transparency in nonprofit financial statements by providing more information to donors, creditors, and watchdogs about how funds are spent and invested. The FASB is planning to weigh the cost benefit of the proposals during the first quarter of 2015. If an agreement is reached that the benefit outweighs the costs then the proposals will be released for public comment.
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