FASB discusses revenue recognition for not-for-profits: Contribution vs Exchange

The Board met on June 15, 2016 to discuss a variety of topics, including revenue recognition for not-for-profits.  

The objective was to clarify whether a grant received by a NFP represented a nonreciprocal transaction (contribution falling under Subtopic 958-605 for Not For Profits) vs a receiprocal transaction (exchange falling under general revenue recogntion guidance).

For more information, refer to the FASB meeting summary.