Nonprofits Impacted by the New Guidance for Financial Statements

The financial statement for any business is extremely important. Keeping track of the finances of a business is how you know how successful your business is.

All nonprofits are required to use the same guidance for their financial statements. According to David Hollander’s article on nonprofitinformation.com, a new guidance for financial statements has been created and will go into effect on December 15th 2017.

The new guidance is suppose to simplify  the financial statement, which will help to improve communication with stakeholders. In addition, David explains that the new guidance will also help to cut costs since the new guidance will not be as complex.

Click here to read the full article by David Hollander at nonprofitinformation.com, and to learn more details about how nonprofits will be impacted by the new guidance for financial statements.