This past April, the Financial Accounting Standards Board (FASB) issued the proposed Accounting Standards Update, Not-for-Profit (Topic 958) and Health Care Entities (Topic 954)—Presentation of Financial Statements for Not-for-Profit Entities for public comment. As our own Lee Klumpp explained in Accounting Today, the proposed ASU would substantially affect all nonprofits, as well as creditors, donors, grantors and others that use their financial statements. In fact, it could bring the most substantial changes to nonprofit financial reporting in over two decades. The proposed update now faces a 120-day comment period, which ends on August 20, 2015.
Have you read up on the draft, and how this update could impact your organization? Get up to speed quickly with our latest infographic below, and visit our new Nonprofit Financial Reporting Resource Center for more timely information on the FASB’s project.
