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Nonprofit Finance Study Reveals Compliance, People, and Process Complexities

Nonprofit finance and accounting can be tricky business. First of all—serving as a responsible steward of money coming in from a multitude of sources with diverse demands is a huge challenge. Then, rules and regulations are in constant flux. Compliance is becoming increasingly complex and burdensome. Fraud is a potential risk lurking around every corner. And, oh yeah. There’s the seemingly never-ending stresses associated with audit planning and prep. 


FASB Modifies Not-for-Profit Accounting Rules

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.