The FASB has proposed new accounting guidance for business entities who receive government grants. ASU 2018-08 explicitly excludes transfers of assets from government entities to business entities from the contributions received guidance in 958. During COVID, this left for profit entities without clear guidance on handling various government grants. The exposure draft provides recognition, measurement, presentation and disclosure guidance for governmental entities which more closely aligns with IAS 20 than nonprofit GAAP. Comments are due March 31, 2025.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members.
Melisa F. Galasso is the Founder and CEO of Galasso Learning Solutions LLC. A CPA with over 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI.
