By Vanessa Munoz
In an effort to improve financial reporting for nonprofits, the Financial Accounting Standards Board (FASB) is implementing various changes. Among these changes are how expenses are being reported.
When it comes to financial reporting, many nonprofit organizations are only required to provide expenses by their nature (i.e. salaries, travel, rent, etc.).
However, voluntary health and welfare organizations are also required to present a statement...
By Erin Silkowski
Your company’s operation might rely heavily on leasing equipment or property as a way of using assets without the burden of purchasing or disposing of them when no longer needed. Due to changes adopted by the Financial Accounting Standards Board, many of these lease agreements that take place off the balance sheets will soon find their way on to them. As a result, it is essential to familiarize yourself with the upcoming changes sooner rather than later to avoid...
By Diana Miller
Following several years of examination and modification, the Financial Accounting Standards Board (FASB) released its long-awaited update this month on nonprofit financial reporting. The revision is expected to transform the way nonprofit organizations categorize net assets and construct financial statements.
To prepare, nonprofit organizations should familiarize themselves with the following developments:
Phase 1 (effective for fiscal years beginning after December...
By Diana Miller
Changes are finally coming in the content and presentation of financial statements for not-for-profit entities for the first time in almost 20 years. Although nothing has yet been finalized, these fairly significant proposed changes could affect classification requirements, liquidity, financial performance and cash flow, according to the Financial Accounting Standards Board (FASB), the regulatory body that oversees these standards.
The package of proposed Accounting...