The FASB requires private not-for-profit organizations to report individual assets and liabilities separated by unrestricted, temporarily restricted and permanently restricted.

Question

Quizplus · Accepted Answer

In the Statement of Financial Position, assets and liabilities are reported in order of liquidity. A classified statement may be used. Net assets must be broken down into restricted, temporarily restricted and permanently restricted classes. It is not necessary to identify which assets and liabilities are restricted.

The FASB Requires Private Not-For-Profit Organizations to Report Individual Assets