Nonprofits Industry
Problems To Avoid.(preparing financial statements)
Non-profit Times, The, August, 2001 by Floch, Julie L.; Martin, D. Edward
Preparing your financial statements
During the mid-1990s, the Financial Accounting Standards Board (FASB), the organization that establishes generally accepted accounting principles (GAAP) in the United States, changed significantly the way most nonprofit organizations prepared their financial statements.
With the issuance of Statements of Financial Accounting Standards No. 116, Accounting for Contributions Received and Contributions Made, No. 117, Financial Statements of NonProfit Organizations, and No. 124, Accounting for Certain Investments Held by NonProfit Organizations, the standard-setters pretty much turned nonprofit reporting on its ear. The FASB's objective was to make commercial and nonprofit financial statements more compatible.
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