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Comment: ASU update on defining term ‘collections’

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Grant Thornton submitted a letter to the FASB commenting on the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections. Grant Thornton supports the effort by the FASB to realign the definition of the term “collections” found in the Master Glossary with the definition used in the American Alliance of Museums’ Code of Ethics for Museums. The attached letter details the company’s response to various questions asked of respondents to the proposed update.