FASB Final Guidance Changes Consolidation, Equity Method for Nonprofit Organizations

Headnote

Not-for-Profit Organizations

NORWALK, Conn.-The Financial Accounting Standards Board May 19 issued final guidance that changes consolidation and equity method accounting for not-for-profit organizations.

The guidance, finalized as FASB Staff Position No. SOP 94-3-1 ana AAG HCO-1, Omnibus Changes to Consolidation and Equity Method Guidance for Not-forProfit Organizations, is effective for fiscal years beginning after June, 15, 2008 (4 APPR 317, 4/4/08).

Last September, the board proposed the FSP to address questions including whether American Institute of Certified...