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Live Webinar

90-minute live streaming program
  • February 28
  • 1:00 - 2:30 pm EST

Nonprofit Accounting Guidance for Contributions: FASB ASU 2018-08

February 28

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.

Learning Objectives

  • You will be able to describe ASU 2018-08.
  • You will be able to discuss presentation and disclosure.
  • You will be able to explain the difference between and exchange transaction and a contribution.
  • You will be able to identify donor-imposed conditions.

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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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More Program Information

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

Live Webinar Registration

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • 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).
     
  • CPE 1.8 including Accounting 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 1.8 hours. Prerequisite: basic knowledge of nonprofit governance issues. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Accounting for 1.5 hours.
     

Who should attend?

This live webinar is designed for executive directors, accountants, directors, officers, controllers, CFOs, tax managers and enrolled agents.

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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
  • Seven years of experience in public accounting
  • Specializes in nonprofit accounting
  • Member of AICPA
  • M.A. degree in professional accountancy, 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
  • Specialize 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 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.

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Product ID: 404950
Published 2020
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