Industry Insights

New Grant Versus Contract Guidance for NFPs

June 2018

Executive Summary

The Financial Accounting Standards Board has issued Accounting Standards Update 2018-08 to help not-for-profits (NFP) account for gifts, grants or contracts. The new guidance applies to all entities (NFPs and business entities) that receive or make contributions. The rules do not apply to the transfers of assets from the government to business entities.

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