FASB modifies definition of ‘collections’

FASB modifies definition of ‘collections’

A new FASB standard aligns the board’s definition of “collections” with the definition used in the American Alliance of Museums’ Code of Ethics for Museums.

Accounting Standards Update No. 201903NotforProfit Entities (Topic 958): Updating the Definition of Collections, applies to all entities, including business entities, that maintain collections. But FASB states that accounting for collections is primarily an issue for certain notforprofits.

Under the new standard, collections are defined in FASB’s Master Glossary as works of art, historical treasures, or similar assets that meet all of the following criteria:

Permitting proceeds to be used for the care of existing collections is consistent with the basis for conclusions in FASB Statement No. 116 about the care and preservation of collections.

The standard also requires a collectionholding entity to disclose its policy for the use of proceeds from when collection items are removed from a collection.

The standard takes effect for annual financial statements issued for fiscal years beginning after Dec. 15, 2019, and for interim periods within fiscal years beginning after Dec. 15, 2020. Early application is permitted, and the amendments should be applied on a prospective basis.

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