April 29, 2015

FASB Issues Proposed ASU for Not-for-Profits – More info

News Flashes, Nonprofit Updates

The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update (ASU) intended to update and improve existing standards for not-for-profit organizations financial statements. The goal is to provide better information to donors, creditors, and other users.

The ASU sets forth the FASB’s proposed improvements to current net asset classification requirements and information presented in financial statements and notes to financial statements about a not-for-profit organization’s liquidity, financial performance, and cash flows.

The proposed ASU and a FASB in Focus overview are available at www.fasb.org. Stakeholders are encouraged to review and comment on the proposed ASU, Presentation of Financial Statements of Not-for-Profit Entities, by August 20, 2015.

We will continue to keep you posted as the process progresses. Let us know if you have any questions.

Legacy News Flash 15-5

Issued 4/29/15

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