California Attorney General Xavier Becerra slammed a U.S. accounting rulemaker proposal as not going far enough to stop shady charities from inflating their balance sheets and ripping off donors.
The proposal from the Financial Accounting Standards Board fails to address regulator concerns about charities overvaluing donations of pricey pharmaceuticals to skew their financial statements and make them look more robust than they really are, Becerra wrote to the board on April 10.
“FASB’s proposal is too limited,” Becerra wrote.
- FASB in February released a proposal calling on charities to reveal more details about donor contributions of drugs, canned ...
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