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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Accounting

Date & Time
  • event Date

    Wednesday, June 3, 2020

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$197.00

This course is $0 with these passes:

CPE
ALL

This course will provide nonprofit advisers with a review of the material terms of accounting standards and guidance on accounting for contributions and exchange transactions. The panel will also provide insights and perspectives into facing practical challenges that are not addressed explicitly in the standards.

Faculty

Mark Robins
Partner
Aronson

Mr. Robins is a director in Aronson’s Nonprofit & Association Services Group. Prior to focusing his specialization on nonprofit organizations, he spent time with the Employee Benefit Plan Services Group. Mr. Robins specializes in assurance and consulting services for foundations, public charities, schools and service organizations. His experience with fair value concepts, investment portfolios, federal compliance and revenue recognition issues allows him to be a valued resource for nonprofit organizations.

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Neely Duncan
Partner
BKD, LLP

Ms. Duncan has more than 10 years of public accounting auditing experience on a variety of planning, risk assessment, financial statement and other activities. She focuses on non-profit organizations such as healthcare related entities, private schools, and foundations. She has presented previously on FAS 117-1 and sits on NPO committees for two accounting societies.

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Description

Revenue recognition standard Accounting Standards Codification (ASC) 606 and clarifications in Accounting Standards Update (ASU) 2018-08, issued by the Financial Accounting Standards Board (FASB), offer guidance for accountants in recording contributions, and distinguishing between reciprocal (exchange) and nonreciprocal (contribution). A contribution must be further classified as unconditional or conditional and classified as unrestricted or restricted. For an exchange transaction, donor stipulated conditions can preclude the recognition of the contribution as revenue. These determinations are critical and not always simple.

With amendments effective in 2019 or 2020, depending on whether contributions are received or made, practitioners are trying to implement the new requirements effectively. Accountants need to understand the new standards to implement the changes effectively. Implementation will depend on how these transactions were classified in the past.

Listen as our panel discusses their approaches and best practices in this vital area of nonprofit accounting.

Outline

  1. Scope and adoption
  2. Contributions vs. exchange transactions
  3. Contribution accounting under ASU 2018-08
    1. Donor imposed conditions
    2. Donor imposed restrictions
    3. Promise vs. intent
    4. Recognition and disclosure requirements
  4. Exchange transaction accounting under ASC 606
    1. Overview of the 5 step approach
    2. Recognition and disclosure requirements

    Benefits

    The panel will address issues such as:

    • Determining the differences between contributions and exchange transactions
    • Understanding donor imposed conditions: what are they and how they impact the accounting
    • Understanding the difference between donor imposed conditions and donor imposed restrictions
    • Exchange transaction accounting under ASC 606

    NASBA Details

    Learning Objectives

    Upon completing this seminar, you will be able to:

    • Decide when receipts are exchange transactions
    • Determine how non-cash contributions are recorded
    • Identify applicable required disclosures for contributions
    • Ascertain differences between pledges and contributions

    • Field of Study: Accounting
    • Level of Knowledge: Intermediate
    • Advance Preparation: None
    • Teaching Method: Seminar/Lecture
    • Delivery Method: Group-Internet (via computer)
    • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
    • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of cost allocation principles; familiarity with government standards for nonprofit organizations receiving federal grant monies

    Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.