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.
Discuss and understand the impact ASC 606 has on key revenue streams of not-for-profit organizations
Discuss and understand the impact of ASU 2018-08 and the differences between exchange transactions and contributions
Walk through example grant and gift agreement language, identifying key terminology and interpretations in light of ASC 606 and ASU 2018-08