The Guide is effective for financial statements for fiscal years ending on or after Dec. 31, 1996.
Earlier application is permitted.
The Guide does not, however, supersede the effective dates for FASB Statements 116 and 117. The Guide specifies that conditional government contributions that require the organization to incur specific qualifying costs should be recognized as revenue as the costs are incurred. Guidance is also provided on the accounting treatment of pass-through contributions that are ultimately intended for another recipient. Detailed accounting guidance is provided for split-interest agreements such as charitable remainder trusts and charitable gift annuities. The Guide makes clear that expenses must be reported functionally either in the statement of activities or in the notes to the financial statements.