ASU 2018-08 — Not-for-Profit Entities (Topic 958)—Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made

The FASB is issuing this Update to clarify and improve the scope and the accounting guidance for contributions received and contributions made. The amendments in this Update should assist entities in (1) evaluating whether transactions should be accounted for as contributions (nonreciprocal transactions) within the scope of Topic 958, Not-for-Profit Entities, or as exchange (reciprocal) transactions subject to other guidance and (2) determining whether a contribution is conditional.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2017-270—Not-for-Profit Entities (Topic 958)—Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made, which has been deleted.

Issued: June 21, 2018