FASB Close to Finishing Nonprofit Financial Statements Project
Financial Accounting Standards Board (“FASB”) staff members have reached tentative decisions on its project to improve financial statements for nonprofits. Decisions at the June 1 meeting focused on issues identified during the drafting and external review of the final Accounting Standards Update, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements for Not-for-Profit Entities. In addition, the FASB confirmed that the expected benefits of the financial reporting amendments justify the costs of using the new guidance. Staff members are now finalizing the draft of the upcoming Update, which is expected to be issued in August.
The latest on the project to improve nonprofit financial statements is available via FASB.org.