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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