FASB Panel Recommends Areas of Improvement in Standards for Nonprofits: The NAC heard feedback from three working groups that formed recommendations for FASB to add to its standard-setting agenda. FASB has not yet considered the recommendations.
The NAC created the working groups earlier this year (see previous JofA coverage, “FASB Not-for-Profit Panel’s Subgroups to Study Possible Improvements”). The NAC charged the subgroups with studying ways for FASB and others to improve financial reporting for nonprofit entities and to develop recommendations and alternatives for the full committee to consider.
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