What information must be disclosed in the notes to the financial statements for NFP entities?
Not-for-profit organizations are required to disclose information that is relevant about the liquidity or the maturity of assets and liabilities. This will include restrictions and self-imposed limits on the use of specified items.
The notes to the financial statements for not-for-profit organizations should consist of both quantitative and qualitative information:
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What are the financial reporting objectives for a NFP or government entity?
The overall objective of financial reporting of nonbusiness organizations is to provide financial statement readers with the following: 1) Information useful in making resource allocation decisions – Financial reporting by nonbusiness organizations should provide lenders and those making financial decisions based on the statements with available information in order to come to a decision as...
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What does the cash flow statement for a not-for-profit (NFP) include?
Like reporting for private organizations, the statement of cash flows will report the statements as operating activities, investing activities, and financing activities. FASB ASC 230 provides guidance on the presentation of the statement of cash flows for nongovernmental not-for-profit organizations:
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What is included in a company’s financial statements?
At a very high-level, there are 5 key sections to a company’s financial statements. There may be certain other requirements for public companies, NFP’s, or governmental entities. However, the five main components include the balance sheet, income statement, changes in equity, cash flow statement, and the notes to the financial statements.
What are the financial reporting objectives for a NFP or government entity?
The overall objective of financial reporting of nonbusiness organizations is to provide financial statement readers with the following: 1) Information useful in making resource allocation decisions – Financial reporting by nonbusiness organizations should provide lenders and those making financial decisions based on the statements with available information in order to come to a decision as...
What does the cash flow statement for a not-for-profit (NFP) include?
Like reporting for private organizations, the statement of cash flows will report the statements as operating activities, investing activities, and financing activities. FASB ASC 230 provides guidance on the presentation of the statement of cash flows for nongovernmental not-for-profit organizations:
What is included in a company’s financial statements?
At a very high-level, there are 5 key sections to a company’s financial statements. There may be certain other requirements for public companies, NFP’s, or governmental entities. However, the five main components include the balance sheet, income statement, changes in equity, cash flow statement, and the notes to the financial statements.
