2024 MSCPA Annual Convention: Details

Exchange Transactions vs. Contribution for NPOs

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Tuesday, May 14, 2024 @ 12:30pm – 2:30pm
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Description

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.

Prerequisites

None

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

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

Credits

Category Amount
Accounting&Auditing 2.00