Grantees take 3 steps now for successful ASU 2018-08 implementation
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Grantees take 3 steps now for successful ASU 2018-08 implementation

2 years ago · 4 min read

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Most not-for-profit entities (NFPs) are or soon will be implementing FASB Accounting Standards Update (ASU) No. 2018-08, Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made. The ASU clarifies how the new revenue recognition rules apply to non-exchange transactions, including nonprofit grants and contracts. Do these transactions fit the definition of a contract with a customer, such that the new revenue standards (FASB ASC 606) would apply? Or are they contributions that should be accounted for

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