In this session, the presenters will take participants through examples of revenue streams common to not-for-profit organizations and discuss the impact ASC 606 (Revenue Recognition) had on the presentation and disclosure. The presenters will share best practice examples of presentation and disclosures and take participants through "tales from the trails" from organizations who have adopted the standard. They will also walk through the difference between an exchange transaction and a contribution and share and discuss examples of barriers and right of return provisions that are common in gift/grant agreements.
Determine the reasons the GASB is taking a comprehensive look at revenue and expense recognition.
Identify the GASB's preliminary views regarding a new approach for categorization of revenue and expense transactions.
Distinguish how certain common transactions would be analyzed under the preliminary model.