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FASB modifies definition of ‘collections’

by Ken Tysiac | Mar 27, 2019   ()

FASB issued a standard Thursday aligning its definition of “collections” with the definition used in the American Alliance of Museums’ Code of Ethics for Museums. Accounting Standards Update No. 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections, applies to all entities, including business entities, that maintain collections. 
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Source: Journal of Accountancy

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