The Financial Accounting Standards Board (FASB) released an Accounting Standards Update (ASU) on June 21, 2018, with the goal of improving and defining the scope of accounting guidance for contributions made and received, primarily by not-for-profit organizations.
THE FASB ISSUING THIS ASU: WHY?
Stakeholders, including those on the American Institute of Certified Public Accountants Expert Panels and the Not-for-Profit Advisory Committee, stated that there is complexity and variation in practice among not-for-profits, with:Differentiating between reciprocal transactions (exchanges) and nonreciprocal transactions when describing grants and similar contracts with government agencies and others (contributions)
identifying contributions that are conditional and those that are not.
LEARN MORE ABOUT (FASB) HERE :
https://brainly.com/question/14439989
#SPJ4
