I posted a comment to Wall Street Journal’s coverage FASB Updates Accounting Rules For Not-for-Profits
“The new accounting standards update makes it clear that this is the first update step in a planned two step process. On first reading of this update it would appear that the majority of the nation’s smaller non-profit organizations that have only one class of assets and issue financial statements on a basis of accounting where management elects to omit substantially all disclosures would be largely unaffected by these changes. From my perspective it seems like a lost opportunity to make a real difference in communicating to stakeholders. It would be great if the accounting profession could have an influence on the financial statement communications of these many smaller non-profit entities as well”.
This FASB announcement is the first update step in a planned two step process to update non-profit financial reporting standards.