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Sponsored by Lorman Education
Product ID: 409056EAU
 
Credit & Course Provided by:

Nonprofit Accounting Guidance for Contributions: FASB ASU 2018-08

OnDemand Webinar (88 minutes)

Understand the differences between contributions and exchange transactions.Many accounting and finance professionals have noted difficulty in characterizing grants and similar contracts with resource providers as either exchange transactions or contributions and in determining whether a contribution is conditional. This topic will improve your understanding of accounting and reporting for grants and contributions by enabling you to distinguish between exchange and contribution elements within a transaction. This material will help you be able to clearly determine if a promise to give is conditional through example application.

Authors

Julien Decosimo, CPA, MBA, CliftonLarsonAllen LLP

Agenda

Summary Overview

• Purpose of the Accounting Standard Update

• Entities Affected

• Main Provisions of the Update

• Scope of Guidance

Changes to FASB Master Glossary

• Conditional Promise to Give

• Conditional Contribution

• Donor-Imposed Condition

• Donor-Imposed Restriction

Revenue Recognition for Contributions Received and Conditional Contributions

• Contributions Received Revenue Recognition

• Donor Imposed Restrictions

• Right of Return Included in Agreements

• Indicators of a Barrier

• Conditional Contributions Revenue Recognition

• Other Presentation Matters

Implementation Guidance

• Distinguishing Contributions From Exchange Transactions

• Distinguishing Between Donor-Imposed Conditions and Donor-Imposed Restrictions

• Identifying When a Contribution Is Conditional

Managing Revenue Recognition

• How to Craft Proposals to Mitigate Restrictions

• How to Control the Timing of Recognition to Help You Budget