Update: Proposed Changes to Not-for-Profit Financial Reporting

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On April 22, 2015, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) seeking to improve the clarity and usefulness of not-for-profit organization (NFP) financial statements and notes. The amendments focus on net asset classifications and improving stakeholders’ ability to assess an NFP’s liquidity, financial performance, and cash flows. The amendments would affect all NFPs.

Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough analysis of specific issues, nor a substitute for a formal opinion, nor was it written to be used to avoid tax related penalties.