Description

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.

Speaker(s):

• Cathy J. Clarke, CPA, Chief Assurance Officer, CLA
• Jeffrey D. Mechanick, CPA, CGMA, Assistant Director, Financial Accounting Standards Board
• Andrew Prather, CPA, CGMA, Shareholder, Clark Nuber P.S.