Description
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.
Date: 2021-09-09 Start Time: End Time:
Learning Objectives
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
AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Julien Decosimo, CPA, MBA-CliftonLarsonAllen LLP
