The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. ASU No. 2018-08 provides clarifying and amended guidance concerning:

  • the determination of whether a transaction should be accounted for as an exchange or as a contribution, and
  • whether a contribution received is conditional or unconditional.


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