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On Friday, December 11, the Financial Accounting Standards Board (FASB) met and discussed certain issues from phase 1 of the proposed FASB Accounting Standards Update - Presentation of Financial Statements of Not-for-Profit Entities project. The tentative board decisions reached at the meeting are summarized below.
The Board decided not to require not-for-profit entities (NFPs) to use the direct method of presenting operating cash flows, but instead to continue to allow them to use either the direct method or indirect method. Further, the Board decided to no longer require the indirect reconciliation if an NFP chooses to use the direct method.
The Board made decisions on the following issues:
The Board discussed the proposal for providing qualitative and quantitative information useful for assessing liquidity and potential alternatives. The Board directed the staff to explore an approach that would require, like the proposal, qualitative information about how the NFP manages its liquidity and liquidity risks, but provide alternative ways of presenting quantitative information. This approach would emphasize information about assets that are liquid and available at the balance sheet date.
The FASB decisions can be viewed by using the following link: Financial statements of not-for-profit entities (phase 1).
Contact us with questions regarding the proposed FASB ASU - Presentation of Financial Statements of Not-for-Profit Entities and visit our blog for other articles related to the not-for-profit industry.
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