Observations on Professor Anthony's commentary

Three observations about Anthony's (1995) commentary on nonprofit accounting are made: 1. Anthony and the FASB have fundamental philosophical differences about the definitions of income and capital of not-for-profit organizations and about the definition of a liability. 2. Anthony's income-capital distinction can be presented within the FASB's not-for-profit financial reporting structure. 3. On many occasions during the past 15 years, Anthony has expressed these same views directly to the FASB.