Grant Thorton has just issued a new white paper on nonprofit accounting. According to their information on the white paper (from an email message sent to me), it includes:
“The statement of financial position: Understanding the story helps readers, especially those new to not-for-profit accounting, grasp the key aspects of the statement of financial position. This paper explores both ASC 958, and FAS 116, Accounting for Contributions Received and Contributions Made (also included in Section 958).
Readers will learn the basics:
- The statement of financial position: What is it, and why do I care?
- Interpreting the story
- Basis for recording
- ASC 825 election
- Understanding the reported amounts”
The document is very informative and should give the reader a good overview of the FASB reporting requirements for the statement of financial position (balance sheet for nonprofits).