Answered Essay: why is it important for non-profit organizations to make classifications for their net assets like the requirements for FAS

why is it important for non-profit organizations to make classifications for their net assets like the requirements for FASB Statement #117? Who benefits from these classifications?

Expert Answer



Establishment of the Net assets classifications for a non-profit organization is very important to enhance the understandability, relevance, and comparability of financial statements issued by non-profit organizations. It was issued to for the establishment of consistency in financial reporting among not-for-profit organizations that are subjected to various American Institute of Certified Public Accountants (AICPA) audit guides. Moreover was designed to close the gap between the statements of profit organizations and for not-for-profit. Also the provisions are intended to override AICPA audit guides and statements of position when the conflict arises among the two.

The resulting consistency will benefit everyone who is connected with the financial statement, including external users of the statement such as banks and lending institutions, and also the members who have fiduciary financial responsibilities

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