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FASB proposes ASU to improve not-for-profit financial statements

  • FASB document Image

Apr 23, 2015

The FASB has issued a proposed ASU, “Presentation of Financial Statements of Not-for-Profit Entities,” which would change “the current net asset classification requirements and the information presented in financial statements and notes about a not-for-profit entity’s liquidity, financial performance, and cash flows.”

The proposed ASU addresses (1) the complexity and understandability of net asset classifications, (2) inconsistent reporting of intermediate measures of operations in the statement of activities, (3) lack of consistency in the type of information provided about expenses for a period, and (4) inconsistencies in the reporting of operating information in the statement of activities and operating cash flows statement of cash flows.

Comments on the proposed ASU are due by August 20, 2015. For more information, see Deloitte's related Heads Up newsletter as well as the press release, proposed ASU, FASB in Focus newsletter, FAQ document, and webinar on the FASB’s Web site.

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