Synopses & Reviews
Synopsis
Clear guidance with coverage of the new changes to the FASB standards How to Read Nonprofit Financial Statements clarifies FASB standards to help you quickly and easily understand the nonprofit's most important document. Expert authors help you navigate through the financial reports line by line, with clear explanation of FASB standards and their correct implementation. This new second edition has been updated to reflect recent updates to the standards, with insider guidance toward the changes that directly impact nonprofit financial statement preparation. The FASB's changes focus on the reporting model for the statement of activities, net asset classification, statement of cash flows, and disclosures, along with new footnote disclosures for improving statement relevance and understandability. This book explains both the new and existing standards with depth, clarity, and expert insight to give you a practical understanding of the nonprofit financial statement.
Nonprofit accounting standards have remained more or less static for the past 20 years; recently, the FASB Nonprofit Accounting Committee agreed to a significant update, leaving organizations grasping for guidance toward interpretation and implementation. This book provides a much-needed resource for anyone parsing a nonprofit financial statement.
- Get line-by-line guidance to each part of the financial statement
- Assess financial information more quickly with deeper understanding
- Reference step-by-step instructions for complex documents
- Understand Financial Position, Activities, Cash Flow, and more
The new standards are significant enough that even experienced nonprofit professionals would benefit from guidance, and the coverage in this book provides a versatile resource both for step-by-step instruction and quick reference. How to Read Nonprofit Financial Statements is your essential reference for clarity and understanding.
Synopsis
EXPERT GUIDANCE ON HOW TO READ, INTERPRET, AND USE NONPROFIT FINANCIAL STATEMENTS--UPDATED TO INCLUDE THE NEW FASB STANDARD FOR NONPROFIT FINANCIAL REPORTING
Whether you're a nonprofit executive unfamiliar with the language of financial statements or a seasoned pro, this book is the only guide you'll need to correctly interpret those critical documents, refresh your skills and familiarize yourself with the new FASB nonprofit reporting standards.
The intent behind the recent FASB accounting standards update was to improve the clarity and usefulness of nonprofit financial statements. But making sense of those statements can still be tough for the uninitiated. Accountants and non-accountants who use and prepare nonprofit financial statements need guidance on how to interpret and implement these new FASB standards. Written for both audiences, this book:
- Clearly defines accounting terminology and concepts, while offering numerous examples of financial statements reflecting both the old and new FASB standards
- Steers you, line-by-line, through financial reports, providing in-depth explanations of the differences between the old and new standards
- Provides numerous illustrations to help you quickly feel at home with the format of nonprofit financial statements
- Offers exercises to help you gain insight into the core concepts of nonprofit financial statements and reinforce your command of those concepts
In addition to the new FASB standards, this expanded edition includes:
- A new chapter on reserves, a long-standing challenge for nonprofits
- A new section on general financial analysis, outlining what financial statement readers should look for to stay informed and satisfy their responsibility regardless of their role
- A new chapter on benchmarking to help nonprofits measure performance against industry peers
How to Read Nonprofit Financial Statements, Third Edition is an invaluable resource for anyone who reads, interprets, or prepares these all-important documents.