For the First Time in 20 Years New FASB Standards Adopted

September 1st, 2016
For the First Time in 20 Years New FASB Standards Adopted

On August 18, 2016, the Financial Accounting Standards Board (FASB) issued a new Update intended to simplify and improve how a nonprofit classifies its assets, investments, expenses, resources and cash flows. You may know FASB from your accountant or auditor – these are the standards that dictate accounting practices and therefore the way your organization tracks its financial position.