This course walks the participant through a change in Generally Accepted Accounting Principles (GAAP) regarding how the Financial Accounting Standards Board (FASB) now wants not-for-profits (NFPs) and business entities to report contributions and exchanges (both as revenues and expenses).  Under Accounting Standards Codification (ASC) Topic 958 - Not-for-Profit Entities, Accounting Standards Update (ASU) No. 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made represents a clarification and a change regarding how certain grants might be recorded on the books of donor and donee organizations. 

 

This course also discusses the expected implementation dates for NFPs and businesses noting differences for special circumstances. Learners will also get a healthy dose of examples provided by the FASB that will drive home the concepts presented in each section. Lastly, there is a discussion of reporting and disclosure requirements.

Learning Objectives
  • Recognize what changes have been brought about to change the standard way of accounting for contributions versus exchange transactions per Accounting Standards Update (ASU) No. 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
  • Identify the differences between conditional and unconditional contributions under this update
  • Identify how not-for-profits (NFPs) should structure their reporting when utilizing the Simultaneous Release Option for certain contributions
Last updated/reviewed: March 18, 2024
17 Reviews (62 ratings)

Reviews

5
Anonymous Author
The course was well laid out and went through each of the definitions with great examples. It was easy to understand and made intuitive sense. Even without a strong Not For Profit background, I was able to follow along without much trouble.
5
Anonymous Author
The course does a great job at discussing ASU 2018-08 and how the standard affects certain transactions. If you are part of a not-for-profit agency, please take this course.
2
Member's Profile
I did not like the way the questions were arranged for the final exam. A double negative trap is not a test to determine if the class material was absorbed.
3
Member's Profile
Im a tough critic. the content was good but was difficult to stay awake because of the delivery. may have also been because its a pretty dry topic.
5
Anonymous Author
Adam does a nice job keeping the course interesting and relevant to the topic. Examples provided are relevant to the various topics discussed.
4
Member's Profile
This course provides very detailed explanations and examples. Take notes on the slides as they don't necessarily show the conclusions.
5
Member's Profile
A thorough and well-paced presentation. Material is a bit on the dry side but Adam Sanders is able to keep the audience alive.
4
Anonymous Author
These government rules could be written a bit clearer. So the topic is hard one to present but did a good job.
5
Anonymous Author
This course was great. Although we're now almost 3 years in, I wish I could share it with some of my clients.
5
Anonymous Author
This course provides plenty information on revenue recognition for Not-For-Profit entities as per ASU 2018-08
4
Anonymous Author
Training went through decent examples. A little slow on the presentation made it harder to keep focus.
5
Anonymous Author
The course is meaningful and informative. Surprising that ASC 606 will be applicable for medicare.
3
Anonymous Author
The course provides a general overview of Accounting Standards Update 2018-08.
5
Member's Profile
Good course for the update. Very informative and is helpful for NPO audits.
5
Anonymous Author
very good the info of the course as a reminder. thank you so much Adam
4
Member's Profile
Another great course by Adam. I definitely enjoy his courses
4
Anonymous Author
Detailed course. Provided what I was looking for CPE classes.
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Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to ASU-2018-08: Not-For-Profit Revenue Recognition Update12:37
  Contributions Received15:17
  Example of Existing Exchange Transaction11:36
  Barrier11:06
  Qualifying Expenses10:03
  Disclosures9:04
  Examples and Summary6:30
CONTINUOUS PLAY
  SU-2018-08: Not-For-Profit Revenue Recognition Update 1:16:13
SUPPORTING MATERIALS
  Slides: ASU-2018-08: Not-For-Profit Revenue Recognition UpdatePDF
  ASU-2018-08: Not-For-Profit Revenue Recognition Update Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam