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Nonprofit Accounting Guidance for Contributions: FASB ASU 2018-08

Understand the differences between contributions and exchange transactions.

Many accounting and finance professionals have noted difficulty in characterizing grants and similar contracts with resource providers as either exchange transactions or contributions and in determining whether a contribution is conditional. This topic will improve your understanding of accounting and reporting for grants and contributions by enabling you to distinguish between exchange and contribution elements within a transaction. This material will help you be able to clearly determine if a promise to give is conditional through example application.

89 minutes
Course Exam
Certificate of Completion
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Agenda

Summary Overview

  • Purpose of the Accounting Standard Update
  • Entities Affected
  • Main Provisions of the Update
  • Scope of Guidance

Changes to FASB Master Glossary

  • Conditional Promise to Give
  • Conditional Contribution
  • Donor-Imposed Condition
  • Donor-Imposed Restriction

Revenue Recognition for Contributions Received and Conditional Contributions

  • Contributions Received Revenue Recognition
  • Donor Imposed Restrictions
  • Right of Return Included in Agreements
  • Indicators of a Barrier
  • Conditional Contributions Revenue Recognition
  • Other Presentation Matters

Implementation Guidance

  • Distinguishing Contributions From Exchange Transactions
  • Distinguishing Between Donor-Imposed Conditions and Donor-Imposed Restrictions
  • Identifying When a Contribution Is Conditional

Managing Revenue Recognition

  • How to Craft Proposals to Mitigate Restrictions
  • How to Control the Timing of Recognition to Help You Budget
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Why Lorman?

Over 34 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 September 9, 2021.

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

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

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

MP3 Download

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

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More Program Information

Why Lorman?

Over 34 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

Julien Decosimo, CPA, MBA

Julien Decosimo, CPA, MBA

CliftonLarsonAllen LLP

  • Manager at CliftonLarsonAllen LLP
  • Nonprofit, Assurance and Tax
  • Recent speaking engagements include Maryland Society of Certified Public Accountants - Going Concern, April 2021, and American University - Data Analytics Used in Audits of Nonprofit Organizations, March 2021
  • Memberships include American Institute of Certified Public Accountants (AICPA) and American Society for Association Executives (ASAE)
  • M.B.A. degree, University of Tennessee, Chattanooga; B.S degree in accounting, University of Tennessee, Chattanooga
  • Can be contacted at 423-304-9329 or [email protected]
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Product ID: 409056
Published 2021
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