The FASB requires the statement of financial position prepared by a not-for-profit organization to report net assets in three categories: net assets without donor restrictions, net investment in capital assets, and net assets with donor restrictions.

Question

Quizplus · Accepted Answer

The FASB requires the statement of financial position for a not-for-profit organization to report net assets in two categories: net assets without donor restrictions and net assets with donor restrictions. The category "net investment in capital assets" is not a separate category for reporting net assets under FASB standards.

The FASB Requires the Statement of Financial Position Prepared by a Not-For-Profit