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FASB proposes guidance related to not-for-profit entities

  • FASB document Image

Aug 03, 2016

The FASB has issued a proposed ASU, “Clarifying When a Not-for-Profit Entity That Is a General Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity.”

The pro­posed ASU would:

  • “[R]etain the consolidation guidance that was in [ASC] 810-20 for [not-for-profit entities (NFPs)] by including it within [ASC] 958-810.”
  • Add guidance on when an “NFP limited partner should consolidate a for-profit limited partnership.”
  • Add “kick-out rights,” “participating rights,” and “protective rights” to the ASC 958-810 glossary.
  • Clarify the application of fair value elections.

Com­ments on the pro­posed ASU are due by October 3, 2016. For more in­for­ma­tion, see Deloitte's related journal entry as well as the pro­posed ASU on the FASB’s Web site.

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