# ASC 205-958-10: Presentation of Financial Statements — Not-for-Profit Entities — 10 Objectives

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/205/958/#10-objectives)

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## ASC 205-958-10: 10 Objectives

[Read section](https://asc.understandingaccounting.org/asc/205/958/#10-objectives)

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##### [205-958-10-1](https://asc.understandingaccounting.org/asc/205/958/#205-958-10-1)

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The standards for reporting financial information in this Subtopic, in combination with Subtopics 958-210, 958-220, and 958-230, focus on the content of financial statements, that is, on the basic information to be provided in financial statements by a [not-for-profit entity](https://asc.understandingaccounting.org/glossary/n/#not-for-profit-entity "An entity that possesses the following characteristics, in varying degrees, that distinguish it from a business entity: Contributions of significant amounts of resources from resource providers who do not expect commensurate or proportionate pecuniary return Operating purposes other than to provide goods or services at a profit Absence of ownership interests like those of business entities. Entities that clearly fall outside this definition include the following: All investor-owned entities Entities that provide dividends, lower costs, or other economic benefits directly and proportionately to their owners, members, or participants, such as mutual insurance entities, credit unions, farm and rural electric cooperatives, and employee benefit plans.") (NFP). These Subtopics have the following objectives:

1.  a
    
    Require information that meets the objectives of financial reporting for NFPs
    
2.  b
    
    Define what constitutes a complete set of general-purpose financial statements for those entities
    
3.  c
    
    Require methods of reporting that information that are all of the following:
    
    1.  1
        
        Comprehensive
        
    2.  2
        
        Understandable
        
    3.  3
        
        Useful for decisions by present and potential resource providers
        
    4.  4
        
        Consistent with the conceptual framework.