Frequently asked questions about the overhaul of Nonprofit accounting

FASB has released three in a series of FAQs about the exposure draft that will drastically change accounting for all nonprofit organizations.

This discussion is cross-posted from my other blog, Attestation Update, since the overview of the massive changes will be helpful to accountants in the nonprofit community.

  • The first Q&A provides background and general discussion. One of the main goals of the exposure draft is to improve reporting and disclosures about liquidity. The FAQ links to the exposure draft and a May 2015 webcast discussion.
  • The second Q&A goes into some detail on specific issues.
  • The third Q&A explains some alternatives available within the exposure draft.

Watch for more FAQs in the future.

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