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
FASB clarifies accounting for grants
Download PDFFinancial reporting impacts of COVID-19
Guidance, updates and news covering financial reporting impacts of COVID-19
Defining Issues
Our collection of newsletters with insights and news about financial reporting and regulatory developments, incl. the Quarterly Outlook and FRV Weekly.
Receive the latest financial reporting and accounting updates with our newsletters and more delivered to your inbox.
Access our accounting research website for additional resources for your financial reporting needs.