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2.2 General presentation requirements
Publication date: 27 May 2020
us NFP guide
The balance sheet provides information about an NFP’s assets, liabilities, and net assets as of a point in time. ASC 958-20-45-1 specifies the minimum presentation requirements.
A statement of financial position shall focus on the not-for-profit entity (NFP) as a whole and shall report all of the following amounts:
- Total assets
- Total liabilities
- Total net assets
- Total net assets with donor restrictions
- Total net assets without donor restrictions
GAAP does not prescribe a particular statement format but permits significant flexibility in display as long as the required totals and subtotals are presented. NFPs are encouraged to provide information in ways that are most relevant and understandable to donors, creditors, and other external users of their financial statements. For example, ASC 958-205 permits a side-by-side (assets on the left, liabilities and net assets on the right) or top-to-bottom (assets above, liabilities and net assets below) format as well as flexibility in the extent of aggregation or disaggregation of assets and liabilities (single-column, multi-column, single-page, or multi-page). See ASC 958-205-55-9 and ASC 958-210-55-8 for illustrations of commonly-used formats.
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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