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The Financial Accounting Standards Board (FASB) continues its work specific to not-for-profits. Back in November 2011, FASB announced two agenda projects—a standards-setting project and a research project (Not-for-Profit Financial Reporting; Other Financial Communications)—both intended to improve financial reporting of not-for-profit entities.
The standards-setting project explores existing standards for financial statement presentation by
not-for-profit entities in an effort to find ways to improve net asset classification requirements, as well as enhance the information provided in financial statements and footnotes regarding liquidity, financial performance and cash flows.