Instructor for this course
more

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
Last updated/reviewed: November 14, 2019

3 Reviews (12 ratings)Reviews

5
Anonymous Author
The course was well laid out and went through each of the definitions with great examples. It was easy to understand and made intuitive sense. Even without a strong Not For Profit background, I was able to follow along without much trouble.
5
Anonymous Author
The course does a great job at discussing ASU 2018-08 and how the standard affects certain transactions. If you are part of a not-for-profit agency, please take this course.
5
Anonymous Author
Adam does a nice job keeping the course interesting and relevant to the topic. Examples provided are relevant to the various topics discussed.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  12:37Introduction to ASU-2018-08: Not-For-Profit Revenue Recognition Update
  15:17Contributions Received
  11:36Example of Existing Exchange Transaction
  11:06Barrier
  10:03Qualifying Expenses
  9:04Disclosures
  6:30Examples and Summary
CONTINUOUS PLAY
  1:16:13SU-2018-08: Not-For-Profit Revenue Recognition Update
SUPPORTING MATERIALS
  PDFSlides: ASU-2018-08: Not-For-Profit Revenue Recognition Update
  PDFASU-2018-08: Not-For-Profit Revenue Recognition Update Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM