The Future of Financial Reporting for Not-For-Profit Organizations

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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


The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


About the Author

Richard is a Partner at Keiter and has over 15 years of accounting and auditing experience in both corporate and public accounting. He provides audit and assurance services to tax-exempt organizations such as foundations, religious entities, private schools, associations, and voluntary health and welfare organizations. He supervises some of Keiter’s larger engagements that are subject to the Uniform Guidance. Richard is a member of the Firm’s Not-for-Profit team. Read more of Richard’s insights on our blog.

More Insights from Richard W. Lewis, CPA, CFE

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