On June 21, 2018, the FASB issued ASU 2018-08 clarifying the scope and the accounting guidance for contributions received and contributions made. This standard will be applicable for non-public entities for annual reporting periods beginning after December 15, 2019 (2020 calendar year ends). This is a long awaited standard to bring clarity on how to distinguish exchange and non-exchange transactions as well as what constitutes a condition versus a restriction. Click to view FASB’s “In Focus” summary of the changes.