Nonprofit Financial Reporting Revisited

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The last significant change to the financial reporting model for nonprofits was made back in 1993 when the Financial Accounting Standards Board (FASB) issued SFAS 117 (now codified at FASB ASC 958) changing financial statement formats from fund balances to using nets asset classifications. FASB is now taking a look at ways to improve on that model.

Read more here: Nonprofit Financial Reporting Revisited

About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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