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FASB (Financial Accounting Standards Board) proposes changes in not-for-profit reporting.

W R Titera

    Healthcare Financial Management : Journal of the Healthcare Financial Management Association
    |March 9, 1993
    PubMed
    Summary

    The Financial Accounting Standards Board (FASB) is releasing new standards for not-for-profit financial reporting. These statements will significantly change how organizations report their financial statements and contributions.

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    Area of Science:

    • Accounting
    • Nonprofit Financial Reporting

    Background:

    • The Financial Accounting Standards Board (FASB) is a key standard-setter for U.S. accounting.
    • Not-for-profit organizations have unique financial reporting requirements.

    Purpose of the Study:

    • To inform stakeholders about upcoming changes in not-for-profit financial reporting.
    • To highlight the impact of new FASB statements on accounting practices.

    Main Methods:

    • Analysis of upcoming FASB statements.
    • Review of current not-for-profit financial reporting standards.

    Main Results:

    • Two new FASB statements will be issued.
    • Statement 1 focuses on the format and content of financial statements.

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  • Statement 2 addresses the accounting for contributions.

    • Conclusions:

    • These statements will significantly alter not-for-profit financial reporting.
    • Organizations must adapt to new standards for financial statements and contributions.