Publications

• 30 Second Ideas
• Accounting Updates
• Alerts
• Articles
• Business Surveys
• Construction Edge
• Healthcare Edge
• Insurance Edge
• Legal Talent
• Manufacturing Edge
• Not-for-Profit Edge
• Quick Links & Good Ideas
• SEC Edge
• Strategy Insights Blog
• Surviving the Upturn
• Tax Highlights

Article Author:

FASB Adds Two Not-for-Profit Agenda Projects

The Financial Accounting Standards Board (FASB) announced two agenda projects—a standard-setting project and a research project—intended to improve financial reporting of not-for-profit organizations. These projects are drawn from suggestions received at the FASB’s Not-for-Profit Advisory Committee’s September 2011 meeting. In a release, the FASB explained the goals of the projects:

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

The research project will examine best practices used by not-for-profit organizations in communicating their finances to donors, creditors, and other stakeholders as well as the possible contribution of an organization’s board to such communications. 

Read the complete press release at FASB.org 

For more information about  FASB standards and your organization please contact Toni Diprizio at tdiprizio@BlackmanKallick.com or 312-980-3227 or your Blackman Kallick representative.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.