OVERVIEW
FASB issued ASU 2018-08 , which provides clarifying guidance on the treatment of grants and contributions as either an exchange transaction (i.e. one in which the donor receives a direct benefit equal in value to the grant or contribution) or a contribution (where no direct benefit is received by the donor). The new ASU also provides clarifying guidance in determining if the donor has placed any conditions on future funding commitments under a grant or contribution agreement.