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FASB Recommends Changes to Cash Flow Statements and Statements of Functional Expenses Reporting
Posted by Brendan Donovan on Thu, Feb 6, 2014 @ 04:45 PM

As part of the not-for-profit financial statement project in the fourth quarter of 2013, the Financial Accounting Standards Board (FASB) recommended changes in the reporting requirements for cash flow statements and the statement of functional expenses.

Cash Flow Statements

FASB tentatively decided to require not-for-profits (NFPs) to use the direct method when presenting cash flows from operating activities and removed the requirement to reconcile the change in net assets to net cash flows from operating activities (the indirect method). According to FASB, the direct method, which is already used to present cash flows from investing and financing activities, would “improve the usefulness of the Statement of Cash Flows (SoCF) by providing more meaningful information” to users of NFP financial statements.

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Topics: FASB, Functional Expenses Reporting, Cash Flow Statement, Brendan Donovan

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