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Nonprofit Accounting Guidance for Contributions: FASB ASU 2018-08

Understand the differences between contributions and exchange transactions.

With the implementation of ASU 2018-08 the interpretation of an exchange transaction and criteria for conditions have changed. As a result, many organizations have been tasked reevaluating agreements in order to recognize and classify exchange revenue and contributions. This topic will help you understand the differences between contributions and exchange transactions. You will further be able to identify if a contribution is donor restricted and if a donor-imposed condition exists. Finally, you will be able to correctly account for and present contributions in your financial statements and disclosures.

Runtime: 82 minutes
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Why Lorman?

Over 33 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
    • Previous Definition
    • Current Definition
    • How Does This Change the Interpretation?
  • Definition of a Contribution

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
  • Releases of Restrictions

Contributions Made

  • Recognition and Measurement

Putting Together the Financial Statements

  • Impact on Statement of Financial Position
  • Impact on Statement of Activities
  • Impact on Disclosures
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Why Lorman?

Over 33 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 Webinar

This course was last revised on February 28, 2020.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 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

Eric Hittle, CPA

Eric Hittle, CPA

Aronson LLC

  • Manager, Assurances Services at Aronson LLC
  • Six years of experience in public accounting
  • Specializes in nonprofit accounting
  • Member of AICPA
  • M.P.A. degree, Montana State University, Bozeman
  • Can be contacted at 240-364-2721 or [email protected]
Mark Robins, CPA

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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Product ID: 404950
Published 2020
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