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Entries by Jessica Boicourt

FASB Clarifies Scope and Accounting Guidance for Contributions Received and Contributions Made

Posted 8:30 PM by
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (ASU 2018-08) that clarifies and improves the scope and accounting guidance around contributions of cash and other assets received and made by not-for-profit organizations (NFPs) and business entities. While ASU 2018-08 also applies to business entities that make or receive contributions, it will primarily impact NFPs.
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Dissecting the New Revenue Recognition Guidance: Step 1 of the Five-Step Framework

Posted 12:50 PM by
This article provides a high-level summary of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, as amended, and then focuses on Step 1 of the five-step framework defined in the ASU.
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