65. Grants and Contracts to NFPs: Implementing the New ASU

Track: 
Accounting & Auditing
Yellow Book
Field of Study: 
Accounting (Governmental)
Auditing (Governmental)
CPE Credit: 
1.5
Knowledge Level: 
Advanced
Advanced Preparation: 
None
Prerequisite: 
Extensive not-for-profit, including those NFPs audited under GAGAS, knowledge or experience.

Wednesday, June 20, 2018
 
10:45AM-12:00PM

This session will be a deeper dive into the ASU, beyond what is covered in the GAAP Update session. It will provide a detailed walkthrough of categorizing grants/contracts as either exchange transactions (contracts with customers under ASC 606) or contributions (nonexchange transactions), as well as then determining when a contribution transaction is conditional or unconditional. The session will include several examples and implementation guidance for NFPs to prepare for and manage the impacts to their financial statements.

Learning Objectives:

  • Through both discussion and examples, develop a detail understanding of the requirements of the new ASU and associated implementation matters.
  • Clarify that understanding further through the opportunity to ask questions of the session panelists.