The Financial Accounting Standards Board acted on recommendations from its Not-for-Profit Advisory Committee by adding to its agenda a
standard-setting project that will focus on the financial statements and related notes that are unique to nonprofit organizations, and a research
project that will study other means of communication that nonprofit organizations currently use in telling their financial stories. Read more»
The Financial Accounting Standards Board’s Not-for-Profit Advisory Committee recommended requiring more information from nonprofits in their financial reporting. One recommendation would require an analysis that would give more context for data, comparable with a publicly traded company’s “Management Discussion and Analysis.” Read more»
The Financial Accounting Standards Board’s Not-for-Profit Advisory Committee in recent meetings heard feedback from three subgroups on recommendations for standard-setting on net asset classes, liquidity information and a possible requirement for management’s discussion and analysis. The NAC created the subgroups earlier this year and charged them with studying ways for FASB and others to improve financial reporting for nonprofit entities and to develop recommendations and alternatives for the full committee to consider. Read more»
Unlike most other tax returns, Form 990 filings by nonprofit organizations are clearly in the public eye because of disclosure requirements. The form, revised two years ago, provides signposts not only to what the Internal Revenue Service expects, but also to best practices for tax-exempt organizations. Read more»
