Identifying Contributions vs. Exchange Transactions Clarified with ASU 2018-08 (Topic 958)
By Lindsay Dean, CPA | Nonprofit Audit Senior Manager In June 2018, FASB issued Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made. Nonprofit organizations with fiscal years that begin after December 15, 2018 and make or receive contributions should be prepared to…