The New Financial Statements of Not-for-Profit Entities:

How Future Changes Could Affect Your Reporting Requirements

By: Tim McCutcheon

The FASB has decided to move ahead with issuance of an exposure draft (ED) on its longstanding Financial Statements of Not-for-Profit Entities project. The ED is expected to be released in mid-April, with a public comment period lasting through July 31, 2015. 

The intent of the ED is to improve net asset classification requirements and information provided in financial statements and disclosures about liquidity, financial performance, and cash flows.

Some of the tentative decisions relate to: 

1. Net Asset Classifications Changes
2. Statement of Financial Position
3. Statement of Activities
4. Statement of Cash Flows

Read our summary of these changes (along with charts and illustrative statements of activities and cash flows) here.