Recently issued accounting standard updates provide important clarifications for determining whether a not-for-profit (NFP) organization's transactions are an exchange transaction or a contribution. This course will provide those responsible for preparing financial statements for NFPs examples of the proper accounting for exchange transactions covered by ASU No.
DESIGNED FOR
Anyone responsible for accounting and reporting on NFP organizations financial statements as well as those responsible for reviewing and auditing these statements.
BENEFITS
After attending this presentation you will be able to:
- Identify whether a transaction affecting a NFP organization is an exchange transactions or a contribution
- Recall core concepts fundamental to determining if a contribution is restricted or conditional
- Recognize recent clarifications to improve the accountant ability to determine if a contribution is conditional or unconditional
- Recall significant new requirements of ASU Nos. 2014-09 and 2018-08
HIGHLIGHTS
The major topics that will be covered in this class include:
- Key changes from recent accounting standard updates affecting the determination of an exchange transaction versus a contribution
- Enhanced disclosure and reporting requirements for contributions
- Clarifications related whether a contribution is restricted or conditional
- New definitions related to barriers and right of return or right of release related to conditional contributions
- Other important matters contained in ASU Nos. 2014-09 and 2018-08
PREREQUISITES
None
ADVANCE PREPARATION
None