New FASB Rules Re-Define Nonprofit Fund Classes This Content Courtesy of Araize 1 Lesson / 2 minutes / FREE The new FASB rules have re-defined the classification of funds known as net assets, altering the way nonprofits present their financial statements. READ MORE You may like these, too:Sum Things to Think About: New Financial Reporting Rules for…FASB’s New Nonprofit Financial Reporting StandardsThe Nonprofit Minute with Cynthia Cox - Changes in Net…Nonprofit Accounting: What Are Net Assets?