Recommended Improvements to the Not-for-Profit Financial Reporting Model

The Financial Accounting Standards Board (FASB) established a Not-for-Profit Advisory Committe (NAC) in October 2009. The FASB NAC is comprised of professionals throughout the Not-for-Profit sector and meets regularly to discuss critical issues affecting Not-for-Profits and to provide a direct resource to the FASB and staff on Not-for-Profit specific topics.

Of recent note is the FASB NAC's statement of recommendations for improvements to the Not-for-Profit financial reporting model. These include:

• Revising Net Asset Classifications



• Incorporating a form of "Management Discussion and Analysis" to bring context to a Not-for-Profits' financial story



• Streamlining existing Not-for-Profit specific disclosures to improve relevance and clarity

To stay abreast of NAC developments that may impact your organization, bookmark the following link. Click here

For more information on Not-for-Profit sector accounting and reporting developments, please contact Shannon Gonzalez at sgonzalez@aktcpa.com or see our website at http://aktcpa.com/AKT-PublicSectorandNonprofit/