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FASB proposes to clarify its guidance on contributions

  • FASB document Image

Aug 04, 2017

The FASB has issued a proposed Accounting Standards Update (ASU), “Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.”

The pro­posed ASU would enhance the framework under which not-for-profit entities assess whether to account for a transaction as a contribution or exchange. According to FASB Chairman Russ Golden, the proposal is being released in response to concerns from stakeholders that “there is difficulty and diversity in practice among not-for-profits with characterizing grants as exchanges or contributions, and in distinguishing between conditional and unconditional contributions.”

Com­ments on the pro­posed ASU are due by November 1, 2017. For more in­for­ma­tion, see the press release, FASB in Focus newslet­ter, and pro­posed ASU on the FASB’s Web site.

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