FASB Releases Not-for-Profit Accounting Standard
August 2016
The Financial Accounting Standards Board released its long-awaited
accounting standards update for not-for-profit financial reporting, albeit with scaled back ambitions to keep the standards for nonprofit organizations aligned with standards for businesses.
The update aims to improve how a nonprofit organization classifies its net assets and provides information in its financial statements and notes about its financial performance, cash flow and liquidity.