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d.

Reporting relationships between an NFP and a for-profit entity (incremental guidance only)

9.

Amend paragraphs 958-810-15-3 through 15-4, with a link to transition

paragraph 810-10-65-1, as follows:

958-810-15-3 This Subtopic does not provide guidance on the following subjects:

a.

b.

c.

How to prepare consolidated financial statements, other than to provide guidance on the presentation of noncontrolling interests Commonly controlled not-for-profit entities (NFPs) or combined financial statements of commonly controlled NFPs, which may be presented, in certain circumstances, in conformity with the guidance in paragraph 810-10-55-1B Parent-entity-only or subsidiary-entity-only financial statements (see

paragraph needed)

810-10-45-11

if parent-entity financial statements are

d.

All the conceptual issues underlying the reporting of relationships not evidenced by ownership.

958-810-15-4 This Subtopic provides guidance for reporting relationships between NFPs. GuidanceAdditional guidance for reporting relationships between NFPs and for-profit entities is located in the following locations in the Codification:

  • a.

    An NFP with a controlling financial interest in a for-profit entity through direct or indirect ownership of a majority voting interest in that entity shall apply the guidance in the General Subsections of Subtopic 810-10. However, pursuant toin accordance with paragraph 810-10-15-17, NFPs are not subject to the Variable Interest Entities Subsections of that Subtopic.

  • b.

    An NFP that is a general partner of a for-profit limited partnership or a similar entity (such as a limited liability company that has governing provisions that are the functional equivalent of a limited partnership) shall apply the guidance in Subtopic 810-20 unless that partnership interest is reported at fair value in conformity with the guidance described in (e).

  • c.

    An NFP that owns 50 percent or less of the voting stock in a for-profit business entity shall apply the guidance in Subtopic 323-10 unless that investment is reported at fair value in conformity with the guidance described in (e).

  • d.

    An NFP with a more than a minor interest in a for-profit real estate partnership, limited liability company, or similar entity shall, subject to the fair value exceptions in item (e), report for its noncontrolling interests in such entities using the equity method in accordance with the guidance in Subtopic 970-323 unless that interest is reported at fair value in conformity with the guidance described in (e). An NFP shall apply the guidance in paragraph 970-323-25-2 to determine whether its

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