Defining Issues | June 2018
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: | Public* | All other entities | Public* | All other entities |
Annual periods – Fiscal years beginning after | June 15, 2018 | December 15, 2018 | December 15, 2018 | December 15, 2019 |
Interim periods – In fiscal years beginning after | June 15, 2018 | December 15, 2019 | December 15, 2018 | December 15, 2020 |
*Public: Public NFPs and public business entities
Defining Issues
FASB clarifies how not-for-profits and others account for grants and similar transactions
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