KPMG reports on the FASB’s update to the definition of collections, which realigns the FASB’s definition with the definition used in the America Alliance of Museums’ Code of Ethics for Museums. The updated definition permits proceeds from sales of collections to be used for the direct care of existing collections.
|Effective date:||All entities|
|Annual periods - Fiscal years beginning after||December 15, 2019|
|Interim periods - In fiscal years beginning after||December 15, 2020|
|Early adoption allowed?||Yes|
|Transition method||Prospective basis required|