Functional expenses: A revised focus for not-for-profit auditors
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Functional expenses: A revised focus for not-for-profit auditors

1 year ago · 4 min read

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The functional expense analysis was once a requirement solely for voluntary health and welfare organizations, leaving many nonprofits happily on the sidelines when it came to reporting functional expenses. With FASB’s issuance of Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, all not-for-profit entities are now required to present the relationship between functional expenses (such as major classes of program services and supporting activities) and natural expenses (such as salaries, rent,

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