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Presenting the New Not-For-Profit Financial Statement: Presentation of Operating Cash Flows & Investment Returns
Posted by Michelle Spriggs on Mon, Oct 31, 2016 @ 03:53 PM

In August 2016, the Financial Accounting Standards Board (FASB) finalized its guidance for the presentation of financial statements for not-for-profit organizations. The modifications take effect for fiscal years beginning after December 15, 2017 (i.e., years ending December 31, 2018, June 30, 2019, etc.).

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Topics: financial statements, Non-profits, Cash Flow Statement, Michelle Spriggs, NFP

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

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