Last year, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2018-08, which clarifies the accounting guidelines for contributions received and contributions made—focusing on the grants and contracts awarded by the government and other entities to nonprofit organizations.
Join Tamara Graham, Senior Manager at Lindquist, LLP, to learn how to determine if an asset received should be accounting as a contribution or as revenue from customers.
This webinar will explore how to:
• Distinguish between reciprocal (exchange) versus nonreciprocal (contribution) transactions.
• Determine whether a contribution is conditional.
• Dictate when these amendments should be applied.
• Decipher the three scenarios that illustrate the possible differences that may affect how the standard will impact your organization.
If you're a 501(c)(3), responsible for accounting and financial reporting processes at your nonprofit, sign up today as space is limited!