Proposed FASB NFP Accounting Standards Update

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.

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