Grassi & Co. Responds to FASB Proposed Accounting Standard

New York-based Grassi & Co. (FY15 net revenue of $45.6 million) has issued a comment letter on the Financial Accounting Standards Boards’ proposed Accounting Standard Update on Not‐for‐Profit Entities’ (Topic 958) and Health Care Entities’ (Topic 954) Presentation of Financial Statements of Not‐for‐Profit Entities.

Overall, Grassi & Co. supports the proposal, but has some concerns that the proposed improvements in certain areas will increase financial reporting complexities, cause confusion and create inconsistencies within the not‐for‐profit (NFP) industry, the firm announced.

“This is the first proposed major change in the NFP sector in over 20 years,” says David M. Rottkamp, Grassi & Co. partner and NFP practice leader. “As leaders in the NFP industry, Grassi & Co. felt it was our responsibility to provide comments and contribute to improving the financial reporting process for our clients and all NFP organizations.”

The firm offered several recommendations in its letter. http://www.fasb.org/cs/BlobServer?blobkey=id&blobnocache=true&blobwhere=1175831667986&blobheader=application%2Fpdf&blobheadername2=Content-Length&blobheadername1=Content-Disposition&blobheadervalue2=743222&blobheadervalue1=filename%3DNFPFS.ED.0172.GRASSI_%26_CO._CPAS_P.C._DAVID_M._ROTTKAMP.pdf&blobcol=urldata&blobtable=MungoBlobs