FASB’s Emerging Issues Task Force Addresses Not-for-Profit Accounting Issues

The Financial Accounting Standards Board (FASB) is working on updates to existing standards for not-for-profit financial statements as well as researching how nonprofit organizations can tell their financial story.

In addition, the FASB’s Emerging Issues Task Force (EITF) has agreed to develop a proposed Accounting Standards Update regarding donated securities — as well as allow further discussion on a variety of significant and ongoing projects, such as:

  • Classification of the sale of donated securities in the statement of cash flows
  • Services received from employees of an affiliated entity
  • Reporting investment expenses
  • Reporting the contribution portion of charitable gift annuities
  • Recognition of beneficial interests in trusts held by others when information to measure is unavailable
  • Subsequent measurement of other investments

More details about these projects can be found in the latest issue of the Not-for-Profit Viewpoint newsletter»

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