Proposed Accounting Standards Update · 2016

Proposed ASU 2016-350 — Technical Correction to Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities—Endowment Reporting

The proposed Update would clarify the minimum requirements for the reconciliation that an NFP is required to disclose if it has endowment funds, by removing the words “that contain no purpose restrictions.”

For more information, see the following:

Proposed Accounting Standards Update 2016-350—Technical Correction to Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities—Endowment Reporting (PDF)

Issued: October 27, 2016

Comments Due: November 11, 2016

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

Text as published in the FASB Accounting Standards Codification, Basic View.