NACUBO

My NacuboWhy Join: Benefits of Membership

E-mail:   Password:   

 Remember Me? | Forgot password? | Need an online account?

Business and Policy Areas
Business and Policy Areas
Loading

Comment Deadline Approaching for FASB Proposal on Grants and Contributions

September 29, 2017

The Financial Accounting Standards Board (FASB) is seeking comments by November 1 for the proposed Accounting Standards Update (ASU), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.

The proposal attempts to clarify when grants and contributions are considered conditional. Consequently, the proposal may affect the timing of revenue recognition for sponsored research grants and other promises to provide future resources.

Private institutions and not-for-profit foundations affiliated with public institutions can read more about the proposal in this Current article and in the “At a Glance” section of the NACUBO Financial Accounting and Reporting Manual (FARM). 

Comments can be submitted via FASB’s online form, accessed from the Exposure Documents Open to Comment page. Comments can also be submitted via email to director@fasb.org, File Reference No. 2017-270; or by mail to Technical Director, File Reference No. 2017-270, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116. You can also contact NACUBO to include your thoughts in the industry comment letter.

Institutions can read more about contributions and revenue in FARM, available in MY NACUBO under “Online Subscriptions – FARM.” Additionally, to get a sense of how comments letters are structured, explore previous NACUBO comments on past exposure drafts found here.

Contact

Sue Menditto
Director, Accounting Policy
202.861.2542
E-mail