The notes to the financial statements are an integral part 5 Main Benefits of Accounting Services for Nonprofit Organizations of the statement of financial position, the statement of activities, and the statement of cash flows. The FASB Accounting Standards Codification Topic 958 requires important additional disclosures regarding liquidity, restrictions, etc. for creditors, donors, and others. Reviewing the draft Statement of Financial Position is an essential step in the financial reporting process. This review ensures that all information is accurate and complete, reflecting the true financial status of the nonprofit. It also helps to identify any errors or discrepancies that could impact financial decisions, stakeholder confidence, or compliance with regulations. A thorough review can prevent misstatements and enhance the credibility of the financial statements presented to donors, grantmakers, and regulatory bodies.…