PwC comments on the GASB's irrevocable split-interest agreement proposal

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Comment letter , PwC US Sep 29, 2015

PwC encourages alignment between the GASB's and FASB's split interest arrangement guidance.


PwC submitted comments on the GASB's exposure draft Accounting and Financial Reporting for Irrevocable Split-Interest Agreements. 

Split-interest agreements are vehicles formed for charitable giving, the recipients typically are 501(c)(3) not-for-profit corporations or certain government entities that have been awarded 501(c)(3) status by the IRS (for example, some state-sponsored institutions of higher education).  Because of this, there is a compelling need for alignment of GASB and FASB standards in this area. We commend the GASB as they have, to the extent possible within the parameters of GASB standards and concept statements, generally kept the definitions and concepts within the proposal aligned with those used in the NPO Guide and Topic 958 of the FASB codification.

We believe there are additional areas where the GASB could better align the proposal with current FASB standards or provide clarity to ensure the proposed standard is applied consistently by governmental entities in the areas that diverge from the FASB’s guidance.

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Heather Horn

Heather Horn

US Strategic Thought Leader, National Professional Services Group, PwC US

David Schmid

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

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