Changes to not-for-profit reporting rules are coming. Are you familiar with the FASB’s proposed new model of reporting for not-for-profit organizations, Presentation of Financial Statements of Not-for-Profit Entities? Currently, the FASB is reviewing comments received for this proposed standard, which was issued in April, and the FASB will consider comments received during a comment period that closed August 20 before setting an effective date. The proposed changes will require retrospective application once adopted.
We have summarized the following areas we consider to be the significant changes outlined in the proposed standard.Read More