FASB Prepares to Release Not-for-Profit Financial Reporting Proposal Draft
For the last 18 months, we’ve been closely monitoring updates from the Financial Accounting Standards Board (FASB) regarding the organization’s Not-for-Profit Financial Statement Reporting Project. To date, we’ve highlighted the Board’s tentative decisions surrounding not-for-profit financial reporting
, expense report requirements
and cash flow statements
Last week, the Board announced long-awaited news: It voted 5-2 to release a proposal for updates to the existing net classification scheme, as well as requirements concerning liquidity, financial performance and cash flow information that nonprofits must present and/or disclose. The proposal’s exposure draft will likely be issued to the public for review and comment in early to mid-April.
Stay tuned to our blog in the weeks ahead, as we’ll provide a detailed overview of the FASB’s proposal draft once it’s released. In the meantime, you can review all of our past posts on the Board’s deliberations up to this point: