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FASB clarifies guidance on contributions received and made

  • FASB document Image

Jun 22, 2018

The FASB has issued Accounting Standards Update (ASU) No. 2018-08, “Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.”

The ASU clarifies and enhances “current guidance about whether a transfer of assets (or the reduction, settlement, or cancellation of liabilities) is a contribution or an exchange transaction.” In addition, the amendments clarify “how an entity determines whether a resource provider is participating in an exchange transaction” and improves the framework for “determining whether a contribution is conditional or unconditional, and for distinguishing a donor-imposed condition from a donor-imposed restriction.”

For more in­for­ma­tion, see the press release, ASU, and FASB in Focus newslet­ter on the FASB’s Web site.

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