The Financial Accounting Standards Board is about to issue its first upgrade in nonprofit reporting requirements since 1993.
The FAMCare blog has followed the development of these new reporting guidelines as the information came out of the FASB, and now we can report that they have been finalized. Accounting terminology and reasoning can often be arcane for nonprofit management who prefer to think more in terms of “mission” and “service”, so here is a brief summary that hopefully will make it a little easier to absorb the accounting lingo and logic.