KPMG reports on the FASB’s proposal to clarify how not-for-profits and others account for grants and similar transactions. The proposed ASU would address practice issues by helping entities evaluate whether they should account for a grant or similar contract as a contribution or an exchange transaction.
Mandatory effective dates and early adoption provisions:
Annual periods – Fiscal years beginning after
Interim periods – In fiscal years beginning after
Early adoption allowed?
December 15, 2017
December 15, 2017
Yes
Dec. 15, 2018
Dec. 15, 2019
Yes
* NFPs that have issued, or are conduit bond obligors for, securities that are traded, listed or quoted on an exchange or an over-the-counter market
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