Learn how to stay compliant when accounting for contributions and how to overcome its unique challenges.
Accounting for contributions under GAAP can be challenging and keeping up with changes in accounting standards, while performing your daily responsibilities, can add to that challenge. This topic will help you understand the differences between contributions and exchange transaction; and determining when contributions contain donor-imposed conditions and/or donor-imposed restrictions. We will also go over the accounting and disclosure requirements for noncash contributions and promises to give.
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Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Understanding the Difference Between Contributions and Exchange Transactions
- Definition of Exchange Transaction
- Definition of a Contribution
- Reporting Equity Transfers
Determining If Contributions Are Conditional
- Donor-Imposed Condition
- Barriers
- Right of Return
- Recognition and Measurement
Determining If Contributions Are Donor Restricted
- Donor-Imposed Restriction
- Restricted for Time
- Restricted for Purpose
- Perpetually Restricted
- Accounting for Restrictions
Noncash Contributions
- Accounting for Gifts-In-Kind
- Accounting Gifts of Long-Lived Assets
- Items Used for Fundraising Purposes
- Contributed Services
- Contributed Utilities and Use of Long-Lived Assets
- Brief Overview of ASU 2020-07 - Presentation and Disclosure of Nonfinancial Assets Received
Promises to Give
- Initial Recognition and Measurement
- Subsequent Measurement
- Disclosure Requirements
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 10, 2020.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Mark Robins, CPA
Aronson LLC
- Partner, Assurance Services at Aronson LLC
- Over 10 years of experience in public accounting
- Specializes in nonprofit financial reporting and auditing
- Conducts regular seminars and workshops internally and externally on various topics in accounting and auditing
- Member of the AICPA
- B.S. degree in accounting, California State University Northridge
- Can be contacted at 240-364-2645 or [email protected]
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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