FASB Proposes Updates to Accounting Guidance for Contributions Received and Contributions Made
The Financial Accounting Standards Board (FASB) has released an Exposure Draft of proposed changes to Topic 958, Not-for-Profit Entities, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.print
According to the FASB, the proposed updates “would assist entities in (1) evaluating whether transactions should be accounted for as contributions (nonreciprocal transactions) within the scope of Topic 958, Not-for-Profit Entities, or as exchange (reciprocal) transactions subject to other guidance and (2) distinguishing between conditional contributions and unconditional contributions.”
The FASB is accepting comments on the Exposure Draft through November 1, 2017. You can access a copy of the Exposure Draft on the FASB website.