The statement of financial position prepared by a nongovernmental NFP presents net assets in these categories: unrestricted,temporarily restricted,net investment in capital assets,and permanently restricted.

Question

Quizplus · Accepted Answer

Nongovernmental NFPs must report only the three net asset categories required by FASB: unrestricted, temporarily restricted, and permanently restricted. The category of net investment in capital assets is found in governmental entities that follow GASB standards.

The Statement of Financial Position Prepared by a Nongovernmental NFP