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The Financial Accounting Standards Board’s Not-for-Profit Advisory Committee and other stakeholders have indicated that while existing standards for financial statements of not-for-profit entities are sound, they could be improved upon to provide better information to donors, creditors, and other users of financial statements.
As a result, in April FASB released an Exposure Draft of proposed changes to all major statements included in a not-for-profit financial statement, such as Net Asset Classification, Liquidity Disclosures, Intermediate Measure of Operations, Functional Expense Disclosure, and Cash Flow Statements.
On May 21, 2015, we summarized these proposed changes to financial reporting, and examined how they could soon impact your higher education institution.