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Not-for-profits could get FASB guidance on consolidation

A proposal addresses for-profit limited partnerships.

Please note: This item is from our archives and was published in 2016. It is provided for historical reference. The content may be out of date and links may no longer function.

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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.