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April 2019 » Applying the New Accounting Guidance...
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Marc Taub, CPA, David Hollander, CPA, Lisette Rodriguez, CPA, and Robert A. Dyson, CPA
In BriefNot-for-profit organizations receive financial donations as a matter of course, but the accounting for that revenue depends on whether the transaction is classified as a contribution or an exchange, and the distinction between the two is not always easy to make. FASB has recently released new guidance on how to determine whether a transaction is a contribution or an exchange. The authors explain how the new guidance works and provide examples of how nonprofits should apply it when recognizing revenue from these transactions.
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