Not-for-Profit Standard Setting - In recent times, the FASB has issued several important updates to not-for-profit financial reporting including Accounting Standard Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, and Accounting Standard Udate (ASU) 2018-08, Clarifying the Scope of the Accounting Guidance for Contributions Received and Contributions Made. Refer to the FASB websiteLinks to an external site. to answer the following questions.

1/Review the FASB technical agenda. Are there any projects specific to not-for-profit entities? If so, review the projects and provide a brief overview.

2/The FASB solicits comments from stakeholders when considering a new accounting standard. Review the comments letters from a recently completed project specfic to not-for-profit entities. How many comment letters were written in response to the proposed standard? What type of stakeholders wrote comment letters?

3/The FASB created the Not-for-Profit Advisory Committee (NAC) to inform both the FASB board and FASB staff on pertinent NFP issues. Who are the members of the NAC? What are the principal responsibilities of the NAC?