How ParishSOFT Accounting classifies net assets for the new reporting standards regarding unrestricted and restricted net assets
The New Accounting Reporting Standards for the classification of net assets call for only two categories of reporting: Unrestricted and Restricted net assets. The old standard allowed three categories for reporting: Unrestricted, Temporarily Restricted and Permanently Restricted. The new standard does not distinguish between Temporarily and Permanently Restricted Accounts.
This article will show you:
- What the new report will look like in comparison to the old report
- How to get the same report you printed before the standards changed
Report with New Reporting Standards:
Example from the Statement of Financial Position
How to get a report where Temporary and Permanently Restricted Accounts are printed separately
For any report which normally shows Dedicated Accounts, you will now have the option in the Report Options of the Configure Report screen to mark an option called Temp/Perm Restriction Format. Marking this option will give you the report format you had before the new reporting standards were implemented.
Example from Statement of Financial Position where the Temp/Perm Restriction Format Option is checked.