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FASB Proposes Extending 2 GAAP Alternatives to Nonprofits

December 27, 2018

The Financial Accounting Standards Board (FASB) is proposing that nonprofits be permitted to use two alternatives to U.S. Generally Accepted Accounting Principles (GAAP) currently available only to private companies. A proposed Accounting Standards Update (PDF) would allow nonprofits to elect the private company alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination.