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Non-Profit Roundtable (Madison) | Revenue Recognition of Grants and Contracts by Not-for-Profit Entities

January 15 | 11:00 AM - 1:00 PM CST

Free
David Odahl

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued a new standard intended to clarify and improve the scope and the accounting guidance for contributions of cash and other assets received and made by not-for-profit organizations and business enterprises. The new guidance is expected to be particularly helpful in the accounting for grants and similar contracts awarded by government agencies and others to not-for-profit organizations. FASB proposed the changes after receiving feedback that not-for-profit organizations experience difficulty in characterizing grants as exchange transactions or contributions and in determining whether a contribution is conditional. These challenges, which result in diversity in practice, have been longstanding; however, FASB’s new revenue recognition standard placed renewed focus on the issues because it eliminates certain limited exchange transaction guidance and has new disclosure requirements. The new standard provides a more robust framework for determining whether a transaction should be accounted for as an exchange transaction or as a contribution, for determining whether a contribution is conditional or unconditional, and for distinguishing a donor-imposed condition from a donor-imposed restriction.

 

Our discussion leader is David Odahl, CPA, a senior manager at Wegner CPAs. David has over 20 years of experience working with not-for-profit organizations on a variety of financial statement and tax engagements. He currently oversees the firm’s quality control function, ensuring that the firm and its personnel are complying with applicable professional standards.

Register for Madison

 

Details

Date:
January 15
Time:
11:00 AM - 1:00 PM
Cost:
Free
Event Categories:
,

Organizer

Sarah Bloom-Gustafson
Phone:
(608) 442-1971
Email:
sarah.bloom@wegnercpas.com

Venue

Sheraton Hotel
706 John Nolen Drive
Madison, WI 53713 United States
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National Registry of CPE Sponsors

Wegner CPAs is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.