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
Clarke,
CPA,
Chief Assurance Officer,
CliftonLarsonAllen LLP
- Jeffrey
D. Mechanick,
CPA,CGMA,
Assistant Director,
FASB
- Andrew
Prather,
CPA, CGMA,
Shareholder,
Clark Nuber P.S.