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.
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.