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ED released on reporting for not-for-profit organizations.

The American Institute of CPAs accounting standards division released for public comment a proposed statement of position titled Reporting of Related Entities by Not-for-Profit Organizations. The ED amends and makes guidance uniform on the reporting of related entities contained in Audits of Voluntary Health and Welfare Organizations, Audits of Colleges and Universities and Audits of Certain Nonprofit Organizations as well as SOP no. 78-10, Accounting Principles and Reporting Practices for Certain Nonprofit Organizations. It does not apply to activities or entities covered by Audits of Providers of Health Care Services.

The ED's purpose is to provide users and preparers of not-for-profit financial statements with guidance that will ensure greater uniformity and comparability in not-for-profit organizations' reporting of investments in majority- and minority-owned for-profit subsidiaries and in the reporting of related but separate not-for-profit organizations.

The deadline for comments is August 19.

Comments should be sent to Joel Tanenbaum, technical manager, accounting standards division, file 3605.CC, AICPA, 1211 Avenue of the Americas, New York, New York 10036-8775. A free copy of the ED (product no. 800051) can be obtained by writing or faxing the AICPA order department, P.O. box 2209, Jersey City, New Jersey 07303-2209. Fax: (800) 362-5066.
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Title Annotation:AICPA exposure draft
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Aug 1, 1993
Previous Article:New statements on loan impairment and accounting for debt and equity securities.
Next Article:GASB issues ED on escheat property.

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