New Guidance for Nonprofits: Be Aware of FASB’s Changes in Nonprofit Reporting
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...
