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June 2015 » A New Reporting Landscape on the...
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Alexander K. Buchholz, CPA, CGMA
During April 2015, FASB released an exposure draft, “Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954) Presentation of Financial Statements of Not-for-Profit Entities,” which represents a major overhaul to current presentation. Specifically, FASB has undertaken this project in order to provide users with improved information that is more useful, straightforward, and easy to understand. FASB anticipates that it will improve the net asset classification and the information provided in the financial statements regarding liquidity, cash flows, and financial performance, as well as expense reporting and overall note disclosure. This article examines some of the concepts and ideas included in the exposure draft.
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