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Do universities still need to abide by AICPA Statement of Position (SOP) 98-1?

April 26, 2017abide AICPA position SOP universities

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Do universities still need to abide by AICPA Statement of Position (SOP) 98-1?

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No. GASB 51 supersedes AICPA SOP 98-1. Even though GASB 51 uses many of the same concepts as SOP 98-1, GASB Statements are higher on the hierarchy of Generally Accepted Accounting Standards than the AICPA Statement of Position.