By Vanessa Munoz
In an effort to improve financial reporting for nonprofits, the Financial Accounting Standards Board (FASB) is implementing various changes. Among these changes are how expenses are being reported.
When it comes to financial reporting, many nonprofit organizations are only required to provide expenses by their nature (i.e. salaries, travel, rent, etc.).
However, voluntary health and welfare organizations are also required to present a statement of functional... read more.