FASB proposes technical correction to not-for-profit standard

Legacy wording would be restored.

FASB proposed a technical correction to the new financial reporting standard for not-for-profits that the board issued in August.

The proposed technical correction would amend Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The proposal would restore legacy wording that FASB believes should not have been changed and would clarify the correct guidance that was intended.

Under the proposal, FASB would clarify the minimum requirements for the reconciliation that a not-for-profit entity is required to disclose if it has endowment funds.

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