Under FASB standards the statement of activities for a not-for-profit organization is required to be separated into operating and nonoperating activity.

Question

Quizplus · Accepted Answer

Under FASB standards, the statement of activities for a not-for-profit organization is not specifically required to separate activities into operating and nonoperating categories. The FASB focuses on the presentation of net assets and changes therein, categorized by donor restrictions, rather than mandating a separation of operating and nonoperating activities.

Under FASB Standards the Statement of Activities for a Not-For-Profit