New FASB Accounting Standards for Non Profits

Posted at 2:36 pm on 08/28/2016
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By RUTH MCCAMBRIDGE | August 22, 2016

FASB Chair Russell Golden described the issues the group addressed and the new guidelines in a press release.

While the current not-for-profit financial reporting model held up well for more than 20 years, stakeholders expressed concerns about the complexity, insufficient transparency, and limited usefulness of certain aspects of the model. The new guidance simplifies and improves the face of the financial statements and enhances the disclosures in the notes—which will enable nonprofits to better communicate their financial performance and condition to their stakeholders while also reducing certain costs and complexities in preparing their financial statements.

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