Proposed ASU on guidance for contributions or exchanges.

• Position: FASB

The Financial Accounting Standards Board has issued a proposed Accounting Standards Update intended to clarify and improve the scope and accounting guidance for contributions received and made.

While accounting for contributions typically is an issue for nonprofit organizations, which receive significant revenues from contributions, the proposed amendments would apply to all organizations--including businesses--that receive or make contributions of cash and other assets.

That includes promises to give within the scope of Subtopic 958-605, Not-for-Profit...