This course covers FASB Accounting Standard Updates (ASUs) that impact NFPs. It includes a deep dive into Revenue Recognition for Grants & Contracts and its interplay with Topic 606. Attendees will also gain an understanding of what must be considered in order to implement standards impacting nonprofit entities including leases, the definition of collection, goodwill amortization for nonprofits, and gifts in kind. We close with a look at the impact of COVID19 on reporting for nonprofit entities.
- Determine if a transaction is a contribution or exchange transaction
- Identify ASUs impacting NFP entities
- Define the term collection
- Describe lease accounting under Topic 842