- Joined
- Sep 26, 2016
- Messages
- 10
- Reaction score
- 0
- Country
Hi guys,
I'm having a little trouble deciphering FASB 116. One of the foundations we worked with has awarded us a grant, but we will not be receiving the grant money until Dec 2017. Our fiscal year ended Oct 2017. By receiving the letter, do I need to make an accrual for the expected grant money?
From what I read I believe yes, but I was hoping someone with more experience would share their thoughts.
I'm having a little trouble deciphering FASB 116. One of the foundations we worked with has awarded us a grant, but we will not be receiving the grant money until Dec 2017. Our fiscal year ended Oct 2017. By receiving the letter, do I need to make an accrual for the expected grant money?
From what I read I believe yes, but I was hoping someone with more experience would share their thoughts.