New FASB Accounting Standards to Change how Nonprofits Report Financials

A new article in Nonprofit Quarterly details changes to the accounting standards for nonprofits as recommended by the Financial Accounting Standards Board (FASB). The new standards are "meant to help nonprofits to tell their story more transparently through their financials" and will take effect for fiscal years beginning after December 15, 2017. Key changes include "the simplification of the classification of net assets, the tracking of liquidity, and changes in the presentation of expenses."

Read the article.