Exchange Transactions vs. Contribution for NPOs

Overview

Recently issued accounting standard updates provide important clarifications for determining whether a not-for-profit (NFP) organization’s transactions are an exchange transaction or a contribution. This course will provide those responsible for preparing financial statements for NFPs examples of the proper accounting for exchange transactions covered by ASU No. 2014-09 versus contributions covered by ASU No. 2018-08. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Objectives

After attending this presentation you will be able to:

Identify whether a transaction affecting a NFP organization is an exchange transactions or a contribution
Recall core concepts fundamental to determining if a contribution is restricted or conditional
Recognize recent clarifications to improve the accountant ability to determine if a contribution is conditional or unconditional
Recall significant new requirements of ASU Nos. 2014-09 and 2018-08

Highlights

The major topics that will be covered in this class include:

Key changes from recent accounting standard updates affecting the determination of an exchange transaction versus a contribution
Enhanced disclosure and reporting requirements for contributions
Clarifications related whether a contribution is restricted or conditional
New definitions related to barriers and right of return or right of release related to conditional contributions
Other important matters contained in ASU Nos. 2014-09 and 2018-08

Designed For

Anyone responsible for accounting and reporting on NFP organizations financial statements as well as those responsible for reviewing and auditing these statements.

Prerequisites

None

Preparation

None

Notice

You will receive an email from CPA Crossings via Webex with instructions to access the webinar.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Daniel Bradley

Leader Bios

Daniel Bradley

AICPA Instructor Biography Daniel W. Bradley, CPA Young, Oakes, Brown, & Co., P.C./Altoona, Pennsylvania Dan Bradley is a principal with the regional certified public accounting firm of Young, Oakes, Brown & Co. P.C. in Altoona, Pennsylvania. He has extensive experience in performing audits of for-profit as well as governmental and not-for-profit organizations subject to the Single Audit Act and OMB Circular A-133. In addition, he has extensive experience dealing with entities (governmental units, not-for-profit organizations, and for-profit organizations) subject to the requirements of Government Auditing Standards. Dan holds a Commonwealth of Pennsylvania license to practice as a Certified Public Accountant, and received his Bachelor of Science degree in Accounting from Pennsylvania State University where he graduated with highest distinction. Mr. Bradley is a member of the American Institute of Certified Public Accountants (AICPA), the Pennsylvania Institute of Certified Public Accountants (PICPA), and the Institute of Management Accountants. He is also a long time member of the PICPA’s Local Government Accounting and Auditing Committee. As of June 1, 2007, Mr. Bradley was elected to the PICPA’s Ethics Committee. Mr. Bradley has also served as past president of his IMA chapter, as well as serving as a member of the Executive Committee of the Pennsylvania Economy League. Mr. Bradley was a past President of the Altoona Chapter of the American Business Club as well as being a member of his local March of Dimes board. In addition, Mr. Bradley has previously been an adjunct associate professor at Saint Francis College in Loretto, Pennsylvania where he is a past recipient of the Continuing Education’s Instructor of the Year Award. Mr. Bradley has been a frequent speaker and panelist on various governmental and not-for-profit programs for the AICPA, numerous state societies, the St. Francis College’s CPE Department, and numerous local entities. Mr. Bradley is a past recipient of the Continuing Professional Education Division of the American Institute of CPA’s “Outstanding Instructor” award for courses in the Commonwealth of Pennsylvania.

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