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New FASB Nonprofit Accounting Rules Just the 1st Step

from AccountingWEB

Accounting Standards Update No. 2016-2014, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, issued by the Financial Accounting Standards Board (FASB) Aug. 18, is only the first phase of a larger project to improve financial reporting by nonprofit entities. In this first phase, the FASB focused on streamlining the presentation of net assets and making it more useful to stakeholders while reducing the costs of preparation. more

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