Nonprofit Financial Reporting Revisited

Posted on 03.26.12

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.

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