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Highlights from the FASB’s March 30 meeting

  • FASB meeting Image

Mar 31, 2016

At its March 30, 2016, meeting, the FASB discussed not-for-profit entities (NFPs), including the first phase of its project on NFPs’ financial statements and its project on clarifying when an NFP general partner should consolidate a for-profit limited partnership (or similar entity).

The FASB’s discussion of NFPs’ financial statements focused on the effective date and transition related to its proposed Accounting Standards Update (ASU) Presentation of Financial Statements of Not-for-Profit Entities. The Board tentatively decided that the proposed guidance should be applied retrospectively to all years presented; however, NFPs would be permitted to “omit the following information for any years presented before the year of adoption”: (1) an “analysis of expenses by both functional and natural classification” and (2) disclosures about liquidity and resource availability. The proposal would be effective for financial statements beginning after December 15, 2017, and interim financial statements for periods after that date. For more information, see Deloitte's related journal entry as well as the meeting minutes on the FASB's Web site.

In discussing when an NFP that is a general partner should consolidate a for-profit limited partnership or similar entity, the Board tentatively decided to reinstate the consolidation guidance from ASC 810-20 that was removed by ASU 2015-02, Amendments to the Consolidation Analysis. This guidance would now be housed in ASC 958-810. In addition, the FASB directed its staff to begin drafting a proposed ASU for a vote by written ballot. For more information, see Deloitte’s related journal entry as well as the meeting minutes on the FASB's Web site.

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