On June 21, 2018, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
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Even though effective dates for ASU 2016-02 appear to be far in the future, companies should think about preparing for this new standard sooner rather than later because of FASB's new revenue recognition.
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