Have you heard about the new financial statement format that the Financial Accounting Standards Board (FASB) and the Internation Accounting Standards Board (IASB) is considering? I first heard about this concept at a CPE class I attended in December.
If not, this article will introduce the concept. I'm not sure if it will apply to Churches. My guess is that it will.
I haven't formed an opinion on it yet. I think it's going to be a big change to get used to. Balance sheets that don't balance like they do now; categorized balance sheet, income statement, and cash flow statement; and a cash flow statement prepared using the direct method.
Read the article and let me know what you think.
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4 comments:
I say we should revolt and not give in to this change! viva la revolution!
:-)
I'm not sure at this point. I don't like it because I don't want to learn a new accounting system; however, if it's going to be better, then I'm all for it.
To be honest, I don't know enough about accounting to say.
Can someone show me a site that shows the format of a financial statement called "cash flow"?
Here's a pretty good site for learning about the cash flow statement
http://en.wikipedia.org/wiki/Cash_flow_statement
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