Cherry Bekaert Audit Senior Manager Melisa Galasso is a contributing writer in the January/February 2016 edition of the Virginia Society of Certified Public Accountants’ (“VSCPA”) Disclosures magazine. In her article, “Big Changes Ahead in Nonprofit Financials”, Galasso discusses Proposed Accounting Standard Update No. 2015-230, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954), Presentation of Financial Statements of Not-for-Profit Entities. Issued in April 2015 by the Financial Accounting Standards Board, the proposal represents the biggest changes to nonprofit financial statements in over 20 years. Galasso’s article takes an in-depth look at the proposed amendments, as well as the FASB’s outreach efforts to issue the final guidance.