OUR THOUGHTS ON:

Not-for-Profit Advisory Council Update

Not-for-Profit

By Lauren Weddell

The Not-for-Profit Advisory Council (NAC), a committee of 15 members, provides input, insight and feedback to the Financial Accounting Standards Board (FASB) on financial reporting issues, proposed projects and potential improvements regarding the not-for-profit (NFP) sector. The FASB announced on March 11, 2013 the appointment of new members to its task force and advisory groups, including the NAC, Emerging Issues Task Force and Investors Technical Advisory Committee.

Larry Probus, Senior Vice President of World Vision U.S., is the most recent appointee to the NAC. “On behalf of the FASB, I am pleased to welcome our new members to the Emerging Issues Task Force, the Investors Technical Advisory Committee, and the Not-for-Profit Advisory Committee,” stated Susan M. Cosper, Chairman of the EITF and FASB Technical Director. “We look forward to the insights they will bring to their respective roles in advising the FASB.”

“The members of the Emerging Issues Task Force, Investors Technical Advisory Committee, and Not-for-Profit Advisory Committee provide invaluable input to the deliberations of the FASB,” said FASB Chairman Leslie F. Seidman. “We welcome their newest members, and thank them for sharing their time and expertise to help us address financial reporting issues of importance.”

The most recent NAC meeting occurred February 28 and March 1, 2013. Topics on the agenda included the following: recent trends, discussion on ongoing NFP projects including NFP other financial communications and NFP financial statements, accounting for government assistance, accounting for financial instruments, EITF Issue 12B – Uncompensated personnel from affiliates, and updates on FASB projects. Additional information on highlights from the meeting is to follow.

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