As expected, the Financial Accounting Standards Board (FASB) issued an Exposure Draft on April 22, 2015 on a proposed Accounting Standards Update on the "Presentation of Financial Statements of Not-for-Profit Entities."
The FASB’s Not-for-Profit Advisory Committee indicated the reason for the proposed update is that existing standards for financial statements of not-for-profit entities are sound but could be improved to provide better information to donors, creditors, and other users of financial statements.
Public comment on the proposal is now open with a deadline of August 20, 2015.