This course walks the participant through a change in Generally Accepted Accounting Principles (GAAP) regarding how the Financial Accounting Standards Board (FASB) now wants not-for-profits (NFPs) and business entities to report contributions and exchanges (both as revenues and expenses). Under Accounting Standards Codification (ASC) Topic 958 - Not-for-Profit Entities, Accounting Standards Update (ASU) No. 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made represents a clarification and a change regarding how certain grants might be recorded on the books of donor and donee organizations.
This course also discusses the expected implementation dates for NFPs and businesses noting differences for special circumstances. Learners will also get a healthy dose of examples provided by the FASB that will drive home the concepts presented in each section. Lastly, there is a discussion of reporting and disclosure requirements.
Learning Objectives
- Recognize what changes have been brought about to change the standard way of accounting for contributions versus exchange transactions per Accounting Standards Update (ASU) No. 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
- Identify the differences between conditional and unconditional contributions under this update
- Identify how not-for-profits (NFPs) should structure their reporting when utilizing the Simultaneous Release Option for certain contributions
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Prerequisites
No advanced preparation or prerequisites are required for this course.