These sessions (parts 1 and 2) will be a deep dive into the ASU. It will provide a detail 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 for apply the guidance and common implementation questions, including application to Paycheck Protection Act forgivable loans.
Understand the key principles of ASU 2018-08
Apply the new guidance to different types of grants and contracts
Understand common implementation questions that arise and how to think through the answer.