Recently Issued Technical Questions and Answers

Below, the AICPA will post recent questions and answers issued since July 2018. The questions and answers in this section are not sources of established authoritative principles. This material is based on selected practice matters identified by the staff of the AICPA's Technical Hotline and various other bodies within the AICPA and has not been approved, disapproved, or otherwise acted upon by any senior committee of the AICPA. Consult AICPA Technical Questions and Answers for all technical staff questions and answers issued by the AICPA.

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Accounting Questions and Answers

Q&A Section 6140, Not-For-Profit Entities —.27 Definition of Direct Care of Collection Items

Inquiry — FASB Accounting Standards Update (ASU) No. 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections, requires that the use of “proceeds from [collection] items that are sold to be for the acquisitions of new collection items, the direct care of existing collections, or both.” What type of expenses would be considered “direct care of existing collections”?

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