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The Financial Accounting Standards Board (FASB) issued two new accounting rules for non-profits organization including churches. What are the rules and how must churchs comply?

April 26, 2017Accounting fasb financial issued non-profits organization rules Standards

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The Financial Accounting Standards Board (FASB) issued two new accounting rules for non-profits organization including churches. What are the rules and how must churchs comply?

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A new rule from FASB, known as SFAS-117, Financial Statements for Not-for-Profit Organizations, becomes effective for fiscal years beginning on or after 12/15/1995. This rule has had a profound impact on the presentation of the church financial statement.