Abstract: The FASB has issued the first major changes to the accounting standards for nonprofits’ financial statement presentation in more than two decades. ASU No. 2016-14, Not-for Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, is intended to provide improved net asset classification requirements and information about nonprofits’ resources (and changes in those resources) to donors, grantors, creditors and other users of their financial statements. This article explains how the guidance changes classification of net assets and information presented about an organization’s liquidity, financial performance and cash flows.
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