Feedback on FASB Proposal to Change NFP Financial Statement Presentation
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.