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. 2014-09 versus contributions covered by ASU No. 2018-08. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Objectives
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
Who Will Benefit
Anyone responsible for accounting and reporting on NFP organizations financial statements as well as those responsible for reviewing and auditing these statements.
Credits
Category |
Amount |
Govt. Accounting |
2.00 |
Yikes, the time is near. Please call NMSCPA at (505) 246-1699 to register.