Podcast: Lee Klumpp Talks FASB ASU on Nonprofit Consolidation
The FASB recently released an Accounting Standards Update around consolidation for nonprofit entities. Our own Lee Klumpp, former FASB fellow, was a recent guest on Accounting Today’s podcast series, where he sat down with host Mike Cohn to discuss what this ASU means for nonprofits, and how they can prepare for implementation.
The Accounting Standards Update No. 2017-02, Not-for-Profit Entities—Consolidation (Subtopic 958-810), Clarifying When a Not-for-Profit Entity That is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity, sheds light on situations where a nonprofit that is a general partner in a limited liability partnership or similar legal entity should consider consolidating.
Listen to their conversation here
for a quick take on what nonprofits
need to know about this ASU.
And for more detail on the ASU, check out BDO’s FASB Flash Alert here