Industry Insights

Feedback on FASB Proposal to Change NFP Financial Statement Presentation

November 2015

The Financial Accounting Standards Board’s (FASB) April 2015 proposed Accounting Standards Update (ASU), Presentation of Financial Statements of Not-for-Profit Entities, would result in significant changes to the current not-for-profit (NFP) reporting model—and FASB has received considerable feedback. Overall, users and preparers appreciated FASB’s efforts to provide intuitive financial position, financial performance and liquidity information to users, but a majority of the feedback was mixed. This paper summarizes FASB’s presentation to the Not-for-Profit Advisory Committee (NAC) on September 10 - 11, 2015, on outreach feedback, which includes comment letters and workshops. The complete presentation and handouts are accessible through the FASB website.

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