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 Update (ASU) 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. Refer to the FASB website www.fasb.org to answer the following questions.

Required

a. Review the FASB technical agenda. Are there any projects specific to notfor-profit entities? If so, review the projects and write a summary of the objective of each project and the project status to date.

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

c. 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?