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FASB proposes clarifying consolidation guidance for not-for-profits

By Ken Tysiac

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FASB issued a proposal Wednesday that 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.

—Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.