FASB has proposed some major changes to nonprofit reporting rules. In particular, the board has targeted improvements to:

  • current net asset classification requirements
  • not-for-profit’s liquidity
  • financial performance
  • cash flows.

“We believe these changes will refresh the model in ways that will make not-for-profit financial statements even more useful to donors, lenders, and other users,” said FASB member Lawrence Smith.

http://www.accountingweb.com/practice/practice-excellence/fasb-proposes-major-changes-to-not-for-profit-reporting-rules