Revenue Recognition: New Guidance for Recording Contributions, Grants and Contracts (Topic 605/Topic 606)

In June, FASB issued an update to Topic 958, “Clarifying the Scope of the Accounting Guidance for Contributions Received and Contributions Made” to clarify how nonprofits determine whether a resource provider is participating in an exchange transaction vs. providing a contribution. Understanding how the new guidance affects revenue recognition is critical for all nonprofit organizations.

Join GRF’s nonprofit assurance pros to learn how your organization can identify reciprocal and non-reciprocal transactions to comply with FASB ASU 2018-18 as well as FASB ASU 2014-09 “Revenue for Contracts with Customers”. Participants will come away with a better understanding of the complexities of revenue recognition and the knowledge nonprofit financial professionals need to properly record contributions, grants and contracts.

Our presenters will discuss:

  • Criteria for exchange transactions vs. contributions
  • Conditional vs. unconditional contributions
  • The 5-Step process to record revenue with contracts with customers
  • Best practices for implementation

Additional Program Details

  • Learning Objective: To provide attendees with a better understanding of Topic 605 and Topic 606.
  • Instructional Delivery Methods: Group Internet-based
  • Recommended CPE: 1.0 CPE
  • Recommended Fields of Study: Audit
  • Prerequisites: None Required
  • Advance Preparation: None
  • Program Level: Basic
  • Course Registration Requirements: None
  • Refund Policy: No fee is required to participate in this session.
  • Cancellation Policy: In the event that the presentation is cancelled or rescheduled, participants will be contacted immediately with details.
  • Complaint Resolution Policy: Gelman, Rosenberg & Freedman is committed to our seminar participants’ 100% satisfaction and will make every reasonable effort to resolve complaints as quickly as possible. Please contact kdavis@grfcpa.com with any concerns.

Speakers

Walt B. Derengowski, CPA, CFE | Nonprofit Audit Partner

Trevor W. Williams, CPA | Nonprofit Audit Partner

Slide Deck

Recording