The current nonprofit accounting standards have been in place for 20 years. Recently, the FASB nonprofit accounting committee (NAC) agreed to significantly update the standards for nonprofit financial reporting.   These changes will be formalized and released to the industry in late 2015.  In addition to walking readers line by line through the financial reports key to every nonprofit organization, this edition will include the new FASB standards with detailed a explanation of what they are and how to implement them correctly.  the authors have deep knowledge of the FASB standards and forthcoming changes and will share their insider knowledge with readers.  the new standards will focus on: 1) reporting model for the statement of activities, 2.Net asset classification, 3.Statement of cash flows, 4.Financial statement disclosures and 5. New footnote disclosures for improving financial statement relevance and understandability.