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Revenue recognition of grants and contracts by not-for-profit entities

The objective of this project is to improve and clarify existing guidance on revenue recognition of grants and contracts by not-for-profit entities.

 

Meeting minutes

FASB Board discussions regarding this project are found in the following meeting minutes:

  • May 2, 2018 — The Board discussed issues relating to the development of a final ASU addressing the clarification of revenue recognition of grants and contracts by not-for-profit entities.
  • February 14, 2018 — The Board met to discuss issues relating to the development of a final ASU addressing the clarification of revenue recognition of grants and contracts by not-for-profit entities. The Board has not yet determined the timing of the release of that final ASU.
  • December 13, 2017 — The Board discussed comments on the proposed ASU.
  • June 7, 2017 — The Board discussed (1) comments from external reviewers on a draft of the proposed ASU on clarifying the scope and the accounting guidance in ASC 958, Not-for-Profit Entities, for contributions received and contributions made and (2) any remaining issues, including costs and benefits.
  • April 19, 2017 — The Board continued its deliberations, focusing on right of return or a release of the promisor from its obligation to transfer assets, accounting from the resource provider’s perspective, disclosures, transition, and early adoption.
  • February 22, 2017 — The Board distinguishing between conditional and unconditional contributions.
  • December 14, 2016 — The Board discussed two issues related to this project: (1) characterizing grants and contracts as reciprocal or nonreciprocal transactions and (2) distinguishing between conditional and unconditional contributions.
  • August 31, 2016 — The Board discussed distinguishing between conditions and restrictions for nonreciprocal transactions.
  • June 15, 2016 — The Board discussed characterizing grants and contracts as reciprocal or nonreciprocal transactions.
  • April 20, 2016 — The Board held an agenda prioritization session and decided to add this project to its technical agenda.

 

Current status

The FASB will continue deliberations at a future meeting.

 

Project milestones

Date Developments Comments
April 20, 2016 Added to the technical agenda.

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