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Shooting for consistency – New rules clarify accounting for grants and contributions

$225.00

SKU: NPAye183. Category: .

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Abstract: When the FASB released new rules for revenue recognition in 2014, contributions were specifically excluded. Now the FASB is offering further guidance in its ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made. This article explores the issues that prompted the new rules, the definition of a “contribution” and what makes a contribution conditional. A sidebar explains how the new FASB guidance on grants and contributions also modifies the “simultaneous release” option included in GAAP.

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