Exchange Transactions vs. Contribution for NPOs
Overview
Recently issued accounting standard updates provide important clarifications for determining whether a not-for-profit (NFP) organization’s transactions are an exchange transaction or a contribution. This course will provide those responsible for preparing financial statements for NFPs examples of the proper accounting for exchange transactions covered by ASU No. 2014-09 versus contributions covered by ASU No. 2018-08. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Highlights
The major topics that will be covered in this class include:
- Key changes from recent accounting standard updates affecting the determination of an exchange transaction versus a contribution
- Enhanced disclosure and reporting requirements for contributions
- Clarifications related whether a contribution is restricted or conditional
- New definitions related to barriers and right of return or right of release related to conditional contributions
- Other important matters contained in ASU Nos. 2014-09 and 2018-08
Prerequisites
None
Designed For
Anyone responsible for accounting and reporting on NFP organizations financial statements as well as those responsible for reviewing and auditing these statements.
Objectives
After attending this presentation you will be able to:
- Identify whether a transaction affecting a NFP organization is an exchange transactions or a contribution
- Recall core concepts fundamental to determining if a contribution is restricted or conditional
- Recognize recent clarifications to improve the accountant ability to determine if a contribution is conditional or unconditional
- Recall significant new requirements of ASU Nos. 2014-09 and 2018-08
Preparation
None
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by CPA Crossings.
Leader(s):
Leader Bios
Daniel Bradley
Daniel W. Bradley, CPA is a principal with the regional CPA firm of Young, Oakes, Brown & Co., P.C. in Altoona, Pennsylvania. He has extensive experience in performing audits of governmental units, not-for-profit organizations, and for-profit entities. Dan produces educational seminars for CPAs and lectures nationally predominantly in the area of auditing and accounting. He was a member of the adjunct faculty of Saint Francis University in Loretto, Pennsylvania. Dan’s skills as an instructor have won him various awards such as an outstanding discussion leader, including the AICPA’s 2015 Outstanding Discussion Leader Dan is a member of the American Institute of CPAs and the Pennsylvania Institute of CPAs (PICPA). He has served on the PICPA local government conference committee for many years. Dan has served as president of the local chapter of Institute of Management Accountants’ and the Altoona American Business Club. He has also served as a member of the Executive Committee of the Pennsylvania Economy League and a board member of the local March of Dimes. Dan holds a Commonwealth of Pennsylvania license to practice as a CPA.
Non-Member Price $119.00
Member Price $89.00