The Financial Accounting Standards Board voted Wednesday to issue a proposed accounting standards update to improve the financial statements for not-for-profit organizations and ask for public comments.
The goal is to enhance the usefulness of the financial statements of not-for-profit organizations. It will include proposed improvements to the current net asset classification scheme and the required information about an organization’s liquidity, financial performance and cash flows.
FASB expects to issue the proposed accounting standards update by mid-April.
More information about the project can be found here.
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