Financial Facts

May 4, 2015

FinancialFacts15

FASB planned to issue for public comment a proposal aimed at enhancing the usefulness of  the financial statements for not-for-profit organizations.

The proposal changes:

– The current net asset classification scheme

– The required information about an entity’s liquidity, financial performance, and cash flows

The proposal will reduce the number of new asset classed presented from three to two. Net assets will be with donor-imposed restrictions and without donor-imposed restrictions. Also, all not-for-profits would be required to report expenses by both their nature and by function.

VACo Contact: Vicky Steinruck

- Related Blog Posts -

April 4 County Connections

April 4, 2016

View Blog Post

Virginia encouraging online travel, will be waiting for travelers

May 20, 2020

View Blog Post

K-12 Allocations to Local Schools Divisions under the CARES Act

May 6, 2020

View Blog Post