A not-for-profit organization that follows GAAP must display the changes in all classes of net assets on the

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The statement of activities shows the changes in all classes of net assets, including revenue, expenses, gains, losses, and transfers, for a specific period of time. This statement is required for not-for-profit organizations that follow GAAP. The statement of financial position shows the organization's assets, liabilities, and net assets at a specific date, but does not necessarily show changes in all classes of net assets. The statement of cash flows shows the organization's sources and uses of cash during a specific period, but does not necessarily show changes in all classes of net assets. The statement of functional expenses shows how expenses are allocated among the organization's specific functions or programs, but does not necessarily show changes in all classes of net assets.

A Not-For-Profit Organization That Follows GAAP Must Display the Changes