Not-for-profits are grappling with two new contribution standards. This course is designed to help you succeed in applying the new requirements found in ASU No. 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. We will also prepare you for the implementation of the recently issued ASU No. 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.
DESIGNED FOR
Not-for-profit industry professionals and auditors .
BENEFITS
- Obtain a thorough working knowledge of ASU No. 2018-08, including how it relates to PPP loans
- Skillfully prepare for the changes in the presentation and disclosure of gifts-in-kind under ASU No. 2020-07
HIGHLIGHTS
- Evaluating whether transactions should be accounted for as contributions or as exchange transactions
- Determining whether a contribution is conditional or unconditional
- How ASU No. 2018-08 affects the accounting for PPP loans
- How gifts-in-kind will be presented and disclosed differently in the future
COURSE LEVEL
Intermediate
PREREQUISITES
Some introductory background in not-for-profit accounting and reporting.
ADVANCE PREPARATION
None