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Take Steps to Evaluate FASB Not-For-Profit Financial Statements Proposal


3/16/2015

Synopsis
On March 4, the Financial Accounting Standards Board (the “FASB”) voted to release its proposal for the overhaul of how not-for-profit organizations, including charities, educational institutions, museums and others convey their financial information to donors and regulators. The FASB anticipates issuing the proposed accounting standards update by mid-April, with a public comment period expected to be available until the end of July 2015.

Issue
The proposed accounting standards updates are intended to enhance the usefulness of financial statements of not-for-profit organizations, with a focus on improving net asset classification requirements and information provided in financial statements, including details on liquidity, financial performance and cash flows.

What Does CohnReznick Think?
Not-for-profit organizations of all types may want to take early steps to evaluate the potential effect of the proposed guidance to be included in the exposure draft on its current financial reporting model. Officers, directors, trustees and stakeholders are encouraged to participate in the comment period.

Contact
For more information, please contact Kelly Frank, partner and CohnReznick’s Not-for-Profit and Education Industry Practice Leader, at 973-403-7999 or Kelly.Frank@cohnreznick.com, or John Toscano, partner, at 959-200-7211 or John.Toscano@cohnreznick.com

To learn more about CohnReznick’s Not-for-Profit and Education Industry Practice, please visit our webpage.


Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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