United States

FASB Reinstates Presumption of Control for Not-for-Profit General Partners

Jan 13, 2017
From the Financial Reporting View

This edition of Defining Issues reports that the FASB recently issued guidance that reestablishes the presumption of control by not-for-profit entities (NFPs) that are general partners of for-profit limited partnerships and similar legal entities. The FASB’s 2015 consolidation guidance did not specify how NFPs should evaluate whether to consolidate for-profit limited partnerships.

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