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This course does a deep dive into revenue recognition for nonprofit entities. Attendees will be engaged through case studies to determine whether a transaction is a contribution or exchange transaction as well as whether a stipulation is a condition that impacts recognition.

The course also covers some additional guidance FASB has provided on cost sharing as well as whether a requirement to follow a budget represents a condition. We then switch gears and look to standards directly impacting nonprofits including collections, gifts in kind, and goodwill. The course closes with a look at how nonprofits will account for PPP loans and how they can leverage ASU 2018-08 for accounting and financial reporting.

Learning Objectives

  • Recognize changes to nonprofit financial reporting.
  • Discover some additional guidance FASB has provided on cost sharing as well as whether a requirement to follow a budget represents a condition.
  • Identify and look at how nonprofits will account for PPP loans and how they can leverage ASU 2018-08 for accounting and financial reporting.
Last updated/reviewed: September 11, 2021

Prerequisites

Course Complexity: Intermediate

Prior experience with NFP financial reporting.

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
  0:34Introduction to Not-for-Profit GAAP Update
  4:00Non-for-Profit Revenue Recognition
  20:29Contribution vs Exchange
  9:44Conditional vs Unconditional
  14:41Conditional vs Unconditional Cont'd
  7:36TQA
  4:45Exchange
  13:14Non-Profit ASUs
  3:56NFP Proposal
  9:38COVID 19 Impact
  12:26COVID 19 Impact Cont'd
CONTINUOUS PLAY
  1:41:03Not-for-Profit GAAP Update
SUPPORTING MATERIAL
  PDFSlides: Not-for-Profit GAAP Update
  PDFNot-for-Profit GAAP Update Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM