KPMG reports on the FASB’s ASU that clarifies how not-for-profits and others account for grants and similar transactions. The ASU addresses practice issues by helping an entity evaluate whether it should account for a grant or similar contract as a contribution or as an exchange transaction.
Dates
Recipient transactions (revenue)
Resource provider transactions (expense)
Effective date:
Annual periods – Fiscal years beginning after
Interim periods – In fiscal years beginning after
Public*
June 15, 2018
June 15, 2018
All other entities
December 15, 2018
December 15, 2019
Public*
December 15, 2018
December 15, 2018
All other entities
December 15, 2019
December 15, 2020
*Public: Public NFPs and public business entities
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