FASB UPDATE FOR NOT_FOR_PROFIT Financial Statements

If you work with non-profits, you’ll want to read about these changes.

“The new guidance simplifies and improves the face of the financial statements and enhances the disclosures in the notes.” “decreases the number of net asset classes from three to two. The new classes will be net assets with donor restrictions and net assets without donor restrictions.”

Requires reporting of the underwater amounts of donor-restricted endowment funds in net assets with donor restrictions and enhances disclosures about underwater endowments. (continued…)

1. Mr. Classified…

http://www.journalofaccountancy.com/news/2016/aug/fasb-modifies-not-for-profit-financial-reporting-201615022.html?sthash.ImuDaaED.qB2SEIPK.mjjo

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