FASB [Financial Accounting Standards Board] issued a new accounting standard Thursday [August 18, 2016] that is designed to help not-for-profits tell their stories through their financial statements.
Not-for-profit financial statements have been prepared under FASB's current guidance since 1993. The new standard changes presentation and disclosure requirements with the intention of helping not-for-profits provide more relevant information about their resources—and the changes in those resources—to donors, grantors, creditors, and other financial statement users.
