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f.

dates in paragraph 958-805-65-1(a) shall not be adjusted upon application of the pending content. [FAS 164, paragraph 94, sequence 94] For an acquisition of a business or nonprofit activity in which an NFP acquirer is subject to taxes on portions of its income and the acquisition date was before the effective date, the acquirer shall apply the requirements of Topic 740 prospectively. That is, the acquirer shall not adjust the accounting for prior acquisitions for previously recognized changes in acquired tax uncertainties or previously recognized changes in the valuation allowance for acquired deferred tax assets. However,

after the effective date, the acquirer shall recognize

following: [FAS 164, paragraph

1.

Changes

in

the

valuation

101, sequence allowance for

101.1] acquired

both of

the

deferred

tax

g.

h.

assets as an adjustment to income tax expense (or a direct adjustment to contributed capital in accordance with paragraph 740-20-45-11) [FAS 164, paragraph 101, sequence 101.1.1]

  • 2.

    Changes in the acquired income tax positions in accordance with paragraph 805-740-45-4. [FAS 164, paragraph 101, sequence

      • 101.1.2

        ]

NFP acquirers shall apply the guidance in Subtopics 805-10, 805-20, and 805-40 to acquisitions by NFPs for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2009. Subtopic 958-805 provides guidance on items unique or especially significant to an NFP, including identifying guidance within the Subtopics of Topic 805 that is not applicable to NFPs. Subtopic 954-805 provides incremental guidance for not-for-profit business-oriented health care entities. NFPs shall apply the guidance in Subtopic 805-50 for periods beginning after December 15, 2009. [FAS 164, paragraph 93, sequence 93.1]

Amendments to Subtopic 958-810 Not-for-Profit Entities—Consolidations

8.

Amend paragraph 958-810-05-1, with a link to a transition paragraph 810-

10-65-1, as follows.

958-810-05-1 This Subtopic provides guidance on the following:for reporting relationships between a not-for-profit entity (NFP) and another NFP that potentially result in consolidation. It also provides implementation guidance for reporting relationships between an NFP and a for profit entity.

  • a.

    Reporting relationships between a not-for-profit entity (NFP) and another NFP that potentially result in consolidation

  • b.

    Reporting relationships with special-purpose entity lessors (either for- profit entities or NFPs)

  • c.

    Reporting a noncontrolling interest in an acquiree

51

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