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FASB Proposes Major Changes in Nonprofit Accounting | Accounting Today News

The Financial Accounting Standards Board (FASB) is the regulatory body that governs, well, accounting standards.  FASB is recommending some pretty significant changes to the way nonprofits present their financial information.

These proposed changes, the first in over 20 years, would mostly affect larger and more complex organizations, though there are certainly exceptions to that.  The overall purpose, according to FASB member Lawrence W. Smith, is to “refresh the model in ways that will make not-for-profit financial statements even more useful to donors, lenders, and other users”.

For the full story, see Accounting Today’s story:

FASB Proposes Major Changes in Nonprofit Accounting | Accounting Today News.

Greg McRay is the founder and CEO of The Foundation Group. He is registered with the IRS as an Enrolled Agent and specializes in 501(c)(3) and other tax exemption issues.

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