NOT2025 - Deep Dive: New Revenue Recognition Guidance for Grants and Similar Contracts (ASU 2018-08): Part II

Description

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.

Learning Objectives:

• 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.

Speaker(s):

• Richard Cole, CPA, CGMA, Partner / Nonprofit and Education, FORVIS
• Sharon Heinle, CPA, CGMA, Associate Vice President & Controller, George Mason University
• Andrew Prather, CPA, CGMA, Shareholder, Clark Nuber P.S.

Category: Concurrent Session (Online)