The Update requires in ASC 958-210-50-1 that a NFP disclose in the notes to the financial statements relevant information about the liquidity or maturity of assets and liabilities, including restrictions and self-imposed limits on the use of particular items, in addition to information provided on the statement of financial position
. Specifically, an NFP must disclose the following, according to ASC 958-210-50-1A:
Statement of financial position
. The objective of a statement of financial position
is to present fairly the financial position at the end of a period.
A statement of financial position
as of the beginning" of the required comparative period if applicable pursuant to paragraph 37 of the proposed ASU
The Business section of the Statement of Financial Position
presents both assets and liabilities that are related to the reporting entity's "business activities," i.e., the operating and investing activities through which the entity creates value.
Clicking on "Balance Sheet" will produce a consolidated statement of financial position
of the agency.
What used to be a balance sheet will now preferably be called the Statement of Financial Position
. The income statement, or statement of revenues and expenses, should be titled the Statement of Activities.
* a statement of financial position
(previously called a balance sheet);
Earning taxable income subsequent to the date of the statement of financial position
confirms the existence of a recognizable tax event at the close of the current year, but it is not a prerequisite event that must occur to recognize a tax benefit.
The unaudited pro forma combined statement of financial position
as at 30 June 2019 gives effect to the Merger as if it had occurred on that date.
COMBINED STATEMENT OF FINANCIAL POSITION
ASSETS CURRENT ASSETS Cash and cash equivalents $ 110,791 Investments 1,199,671 Accounts receivable, net of allowance For doubtful accounts of $1,395 33,580 Grants receivable 14,500 Inventory 63,292 Prepaid expenses 7.229 Total Current Assets $1,429,063 PROPERTY AND EQUIPMENT.
The other change FASB is proposing would affect only entities that present a classified statement of financial position
. To simplify the presentation of deferred income taxes, FASB is proposing that for such entities, deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position