An accounting standard update from FASB known as Not-for-Profit Entities — Consolidation (Subtopic 958-810) Clarifying When a Not-for-Profit Entity That Is a General Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity, is on the horizon.
The exposure draft of this standard has been through the comment period, which likely means the issuance is not far off. The update is intended to correct a prior update that left practitioners asking the question whether a nonprofit entity that is a general partner should consolidate a for-profit limited partnership, or a similar entity.
Typically, a nonprofit general partner would consolidate a for-profit limited …read more
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