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FASB updates agenda to improve non-profit reporting

The Financial Accounting Standards Board (FASB) has launched two agenda projects to improve financial reporting for not-for-profit organisations.

The first is a standard-setting project and the second a research project. Both include suggestions received by the board from its not-for-profit advisory committee at the committee’s September meeting.

The standard-setting project will focus on the financial statements and related notes that are unique to not-for-profit organisations. It will re-examine existing standards for financial statement presentation by not-for-profit organisations with a focus on improving the current net asset classification scheme and information provided in financial statements and notes about an organisation’s liquidity, financial performance, and cash flows. 

The research project will study other means of communication that not-for-profit organisations currently use in telling their financial story.

“The FASB shares the committee’s belief that, while sound, the existing standards for financial statements of not-for-profit organisations can be updated and improved to provide better information to donors, creditors, and others,” FASB chairman Leslie Seidman said.

 

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