FASB Issues Second Question & Answer Document on the Not-for-Profit Entities Financial Statement Exposure Draft
July 2, 2015 On June 30, 2015, the Financial Accounting Standards Board (FASB) issued a second in a series of Frequently Asked Questions on the FASB’s NFP Exposure Draft intended to improve existing standards for financial statement presentation by not-for-profit organizations (NFPs).
Why is the FASB issuing the Q&A document?
The FASB Q&A document is intended to address questions that arise related to the FASB’s NFP Exposure Draft and that the FASB Board is likely to consider during its redeliberations on the NFP Exposure Draft.
Where can I go to obtain the FASB Q&A document?
The FASB’s home page also contains links to the first FAQ and to an archived webcast on the Exposure Draft.
As a leader in serving the NFP industry, Sikich is committed to keeping you informed and up-to-date on matters affecting you. If you have any questions or need more information on these or any other NFP issues, please contact one of our NFP executives.
This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.
