What’s a nonprofit to do when so many financial reporting changes are scheduled to ensue?
The Financial Accounting Standard Board (FASB) issued the most sweeping changes to its nonprofit financial reporting standards in the last 20 years. The new rules are designed to help financial statement users better understand a nonprofit’s financial story (instead of feeling like they’re reading it with their eyes shut!). Specifically, the rules will affect how not-for-profit organizations present a variety of financial information – including net assets, expenses, available resources, and operating cash flows.
Let CRI help you prepare for the new nonprofit financial reporting standard. Today is the day to get your implementation procedures underway!