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

Posted on 10.15.12

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