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New guidance on nonprofit financial reporting.

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The Financial Accounting Standards Board issued an Accounting Standards Update (ASU) that simplifies and improves how a nonprofit organization classifies its net assets, as well as the information it presents in financial statements and notes about its liquidity, financial performance and cash flows.

The ASU requires improved presentation and disclosures to help nonprofits provide more relevant information about their resources (and the changes in those resources) to donors, grantors, creditors and other users. These include qualitative and quantitative requirements in the following areas:

* Net Asset Classes;

* Investment Return;

* Expenses;

* Liquidity and Availability of Resources; and

* Presentation of Operating Cash Flows.

Find more information online at www.fasb.org/cs/ContentServer?c= FASBContent_C&pagename=FASB% 2FFASBContent_C%2FNewsPage&c id=1176168380887.

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Publication:California CPA
Date:Oct 1, 2016
Words:123
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