Nov 13, 2015
From the Financial Reporting Network
This edition of Defining Issues reports that the FASB recently issued a proposed Accounting Standards Update (ASU) that would require a business entity to disclose certain types of government assistance that it receives. The ASU would exclude transactions in which the government is solely a customer and those in which an entity receives a nondiscretionary amount of assistance solely because it met legal eligibility requirements. The proposed ASU does not affect the accounting for government assistance.