Over the years, there has been much confusion about whether to treat certain types of transactions as contributions or as exchanges, especially when they involve…
In Brief Not-for-profit organizations receive financial donations as a matter of course, but the accounting for that revenue depends on whether the transaction is classified…
In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Topic 842 will supersede the existing lease guidance (Topic 840), which has been in…