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.


SESSION SPEAKER(S)

CPA
Chief Assurance Officer, CliftonLarsonAllen LLP
CPA, CGMA
Assistant Director, Financial Accounting Standards Board
CPA, CGMA
Shareholder, Clark Nuber PS