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Proposed Technical Correction Made to Not-For-Profit Endowment Reporting
Posted by Michelle Spriggs on Fri, Dec 2, 2016 @ 11:56 AM

Endowment reporting under the new not-for-profit financial statement reporting requirements could be changing again.

On October 27, 2016, the Financial Accounting Standards Board (FASB) issued an exposure draft of a technical correction to clarify the reconciliation disclosure not-for-profit organizations will have to make for their endowment funds.

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Topics: not-for-profit, FASB, Michelle Spriggs, NFP, endowment funds, Underwater Endowments

Not-For-Profits Should Prepare for Enhanced Scrutiny of Liquidity
Posted by David Brown on Wed, Apr 27, 2016 @ 10:47 AM

After a recent meeting, the Financial Accounting Standards Board (FASB) voted to draft the final accounting standard related to the first part of its not-for-profit financial statement presentation project. Among the changes are provisions that will make a not-for-profit’s liquidity more transparent.

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Topics: ASU, David Brown, not-for-profit, FASB, nonprofit, liqudity

FASB Technical Agenda Update: Items of Note for Not-for-Profits
Posted by Heather Hernandez on Tue, Mar 29, 2016 @ 10:58 AM

Stakeholders had a lot to tell the Financial Accounting Standards Board (FASB) about its exposure draft of not-for-profit financial statement presentation changes in 2015. In the fall, the FASB announced it would be segmenting its proposed changes to financial statements into two phases to make the changes more manageable.

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Topics: not-for-profit, FASB, Heather Hernandez

Not-for-Profit Financial Statement Presentation Changes Update
Posted by Michelle Spriggs on Sun, Nov 15, 2015 @ 11:00 AM

For the past three years, the FASB has been evaluating how to streamline the financial reporting model used by not-for-profits and health care entities. In 2015, the FASB published the long-awaited exposure draft that included the following proposed changes to the NFP Financial Reporting Model: reducing the number of net asset classes from three to two, modifying the statement of activities including a requirement to present an intermediate measure of operating performance, and changing the presentation of cash flows. The Exposure Draft also called for enhanced disclosures by not-for-profit organizations about their liquidity.

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Topics: financial statements, Non-profits, FASB, Michelle Spriggs, NFP

FASB Proposes Delay of New Revenue Recognition Standard
Posted by Mike Burns on Wed, May 27, 2015 @ 09:07 AM

The Financial Accounting Standards Board (FASB) recently proposed a one-year delay to its revenue recognition changes. For not-for-profit organizations, this would mean that the revenue recognition update would take effect for public entities in calendar year 2018 and in calendar year 2019 for nonpublic entities. Originally, public business entities, certain not-for-profit organizations and employee benefit plans were to adopt the new standards for interim and annual reporting periods beginning after December 15, 2016. All other entities were to adopt for annual reporting periods beginning after December 15, 2017 and interim periods within annual reporting periods after December 15, 2018.

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Topics: Revenue Recognition Standard, FASB, Mike Burns

Not-For-Profits Brace for Enhanced Disclosures and Reporting Requirements
Posted by Tracey McDonald on Fri, May 15, 2015 @ 09:33 AM

Changes are on the way for how not-for-profit organizations classify net assets and report their statement of activities, cash flows and liquidity. The updates come as part of the Financial Accounting Standards Board (FASB)’s exposure draft of the proposed accounting standards update, Presentation of Financial Statements of Not-for-Profit Entities. Provisions outlined in the update reflect recommendations from the FASB’s Not-for-Profit Advisory Committee (NAC) as well as feedback from stakeholders. Stakeholders identified the following areas for change because of either diversity of practice under current U.S. generally accepted accounting principles (GAAP) or because of the complexity involved in the current reporting requirements.

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Topics: reporting requirements, FASB

FASB Eliminates Extraordinary Item Requirements
Posted by Mark Winiarski on Fri, Jan 30, 2015 @ 11:30 AM

As part of its efforts to simplify financial statement reporting, the Financial Accounting Standards Board (FASB) recently streamlined its treatment of extraordinary items. Entities will no longer have to separately classify, present and disclose extraordinary events or transactions.

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Topics: ASU, not-for-profit, FASB, Mark Winiarski

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

Net Asset Classes to Shrink from Three to Two if FASB Implements New Rules
Posted by David Brown on Thu, Jan 16, 2014 @ 02:00 PM

The Financial Accounting Standards Board’s (FASB) Not-for-Profit Advisory Committee (NAC) in September 2013 recommended changes in accounting rules designed to allow not-for-profit organizations to better report their finances.

FASB tentatively decided to merge the three existing net asset classes currently required for not-for-profit financial reporting into just two: those with donor restrictions and those without.

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Topics: David Brown, non-for-profit, Non-profits, FASB

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