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Non-Profit – May

I n March 2019, the FASB issued ASU 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections. The ASU eliminates diversity in practice by aligning the definition of collections in GAAP with the definition used by the American Alliance of Museums (AAM). Additionally, the ASU requires additional disclosures for an entity that has collection items. The ASU applies to all entities, including business entities, that have collection items.

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