GOV1933. Implementations of ASU 2018-08 Accounting for Grants & Contracts (Repeated in Session 45)

Track: 
NFP
Field of Study: 
Accounting
Auditing
CPE Credit: 
2.0
Knowledge Level: 
Intermediate
Advanced Preparation: 
None
Prerequisite: 
Basic knowledge of auditing, accounting and/or compliance requirements for state and local government and/or not-for-profits. General experience auditing state and local governments and/or not-for-profits, including those engagements audited under GAGAS.

Tuesday, October 29, 2019
 
1:10PM-2:50PM

This session will help attendees prepare for upcoming changes, with a deep dive into ASU 2018-08. It will provide a detailed walkthrough of categorizing grants/contacts as either exchange transactions (contracts with customers under 606) or contributions (non-exchange transactions), as well as then determining when a contribution transaction is conditional or unconditional. The session will also include several examples and implementation guidance for organizations to prepare for and manage the impacts to their financial statements.

Learning Objectives:
1. Describe new standards’ requirements and determine applicability to financial reporting.
2. Implement the guidance in your organization, including the finance team and departments that solicit various forms of revenue.
3. Prepare for the impact to internal policies and communication with financial statement users.


SESSION SPEAKER(S)

CPA, CGMA
Partner | Crowe LLP
CPA
Partner | Crowe LLP