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what is one of the most recent FASB reporting and disclosure requirements?

what is one of the most recent FASB reporting and disclosure requirements?

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One of the most recent FASB reporting and disclosure requirements were brought in the accounting standards applicable to non profit financial organisations in the preparation of their financial statements.

FASB has brought the changes in accounting standards applicable in the preparation of non profit financial statments with an object to make the things transparent and easier o understand.

Particularly in this case, new standards required to disclose which funds received from donors are having restrictions and which do not have.

All board designated funds to be disclosed both in connection with their amounts and their purposes. So, In case of non profit orgnisations having liquidity reserve need to disclose that " the non profit has $ XXX of funds designated by board for emegencies.

Non profit oraganisations have to disclose how it is managing its liquidity reserves.It has to explain what it is doing to meet its daily operational cash requirements. It also needs to disclose the amount of financial assets to cover its general expenses within one year of the balance sheet date.

Otherthan this there are many more changes which the FASB is bringing day to like like changes in Leases.

ekkarill92 answered 1 year ago
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