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FASB Issues Updated Definition of 'Collections'

March 25, 2019

The Financial Accounting Standards Board (FASB) has issued a standard aligning its definition of “collections” with the definition used in the American Alliance of Museums’ (AAM) 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, but accounting for collections is primarily an issue for certain nonprofits. Read more (PDF) at the FASB website.