Nonprofits Get New Guidelines for Presenting Financials

More than two decades after issuing rules and regulations for nonprofits on how to present and share their financials, the Financial Accounting Standards Board (FASB) hopes to simplify things for these organizations, as well as their donors, by issuing new guidelines.

After years of study and outreach, the FASB released new guidelines this week that simplify and improve how nonprofits classify their assets, as well as what they present in their financial statements.

FASB’s Accounting Standards Update affects nonprofits of all kinds, including associations, universities, religious organizations and charities.