Author: Richard W. Lewis, CPA, CFE
The financial statement reporting model as it applies to not-for-profit organizations and private companies continues to be a topic of discussion for standard setting bodies. There seems to be more questions than answers when trying to determine how not-for-profit organizations fit into the overall financial statement reporting model and where they should fall on the continuum of public/private companies. Following the Not-for-Profit Advisory Committee (the “NAC”) can help gain some insight into the path that the Financial Accounting Standard Board (“FASB”) is on as it relates specifically to not-for-profit organizations. The Future of Financial Reporting for Not-For-Profit Organizations
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