FASB Proposals Improve M&A Accounting Guidance for Nonprofits

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FASB Proposals Improve M&A Accounting Guidance for Nonprofits

October 17, 2006 3:28 AM
From BusinessFinanceLink, Issue #355

Recent studies estimate that the total asset base of the United States' not-for-profit sector would make it the sixth largest economy in the world. On Oct. 9, the Financial Accounting Standards Board (FASB) issued two Exposure Drafts intended to improve the accounting and disclosures for mergers and acquisitions by not-for-profit organizations. The proposals are intended to ensure that financial statement users have access to decision-useful information. "Today, there is limited accounting guidance for not-for-profits relating to M&A activity," said FASB member Michael Crooch. "That limited guidance has often led to different financial statement results for similar economic transactions and events."