FASB Decision Meeting on UPMIFA Scheduled for June 4
May 29, 2008
The Financial Accounting Standards Board (FASB) will deliberate the many issues raised by constituent comments to proposed FASB Staff Position 117-a, "Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Management of Institutional Funds Act, and Enhanced Disclosures" on June 4, 2008. The decision-making meeting can be heard via a live webcast connection through the FASB’s website.
The Board is expected to defer the implementation date by six months, which would mean FY 2009 compliance for the vast majority of independent institutions and the not-for-profit foundations that support public institutions. The Board will be examining disclosure requirements, net asset classifications, and interpretations of the Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIFA).
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