Accounting guidance for contributions and grants

Written on Aug 08, 2019

CPA Voice JulyAugust_19The July/August issue of CPA Voice tackles ASU 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made addresses contribution accounting for not-for-profits and other organizations.

“Diversity in practice, particularly for government grants and contracts, was identified as a topic requiring clarification with the implementation of ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which revised the revenue recognition guidance and disclosures for exchange transactions,” writes Laura Hay, CPA.

She goes on to say ASU 2018-08 introduces a decision framework to determine whether a transfer of assets to a recipient is a contribution or exchange transaction and how to determine whether a contribution is conditional. Read the story online now to learn about exchange transactions, donor-imposed conditions and more.

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July/August 2019 exam

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