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FASB proposes technical correction for not-for-profit entities

  • FASB document Image

Oct 28, 2016

The FASB has issued a proposed ASU, “Technical Correction to Update No. 2016-14, ‘Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities’ — Endowment Reporting.”

The proposed ASU would remove from ASC 958 the words “that contain no purpose restrictions,” which had been added by ASU 2016-14. The proposal would therefore clarify “the minimum requirements for the reconciliation that [a not-for-profit entity] is required to disclose if it has endowment funds.”

Com­ments on the pro­posed ASU are due by November 11, 2016. For more in­for­ma­tion, see the pro­posed ASU on the FASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.