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Topic Area: Non for profit financial reports. Objective: To develop your knowledge of the new not for profit reporting model. FASB recently completed a project

Topic Area: Non for profit financial reports.

Objective: To develop your knowledge of the new not for profit reporting model.

FASB recently completed a project named Financial Statements of Not-For-Profit Entities. (ASU 2016-14

issued 8/18/16).

Required

1. Why did the FASB change net asset reporting? In other words, how will the changes improve financial

reporting for NFP organizations?

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