FASB Releases a Proposed ASU to Improve Not-for-Profit Accounting for Grants and Contributions
The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to improve the scope and accounting guidance for contributions received and made, primarily by not for profit organizations.
The proposed ASU is intended to provide clarification as to when a transaction is a contribution and when it is an exchange transaction. The ASU also clarifies the distinctions between a restricted contribution and a conditional contribution. Stakeholders are invited to comment by November 1, 2017.
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