The Government Accounting Standards Board has released the Exposure Draft, The Financial Reporting Entity - Affiliated Organizations. This document amends GASB Statement 14, The Financial Reporting Entity.
The amendment expands on the guidance offered by the original statement regarding the status of an affiliated organization as a component unit of a financial reporting entity. An affiliated organization, for purposes of this statement, can include certain foundations and other not-for-profit groups associated with colleges and universities, hospitals, school districts, museums, libraries, and other governmental entities.
A copy of the exposure draft may be obtained at no charge by calling GASB at 800-748-0659. Written comments on the exposure draft are encouraged and must be submitted by October 31, 2001.