Not-for-profits could get FASB guidance on consolidation

A proposal addresses for-profit limited partnerships.

A new FASB proposal is designed to clarify when a not-for-profit entity that is a general partner should consolidate a for-profit limited partnership or similar entity.

The Proposed Accounting Standards Update would provide guidance for not-for-profits to follow once the amendments in Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, take effect.

Comments will be accepted until Oct. 3 at FASB's website.

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QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.