FASB issued ASU 2018-08 , which provides clarifying guidance on the treatment of grants and contributions as either an exchange transaction (i.e. one in which the donor receives a direct benefit equal in value to the grant or contribution) or a contribution (where no direct benefit is received by the donor). The new ASU also provides clarifying guidance in determining if the donor has placed any conditions on future funding commitments under a grant or contribution agreement.
Hosted by: Audit
Presenter: Eric Glantz, Audit Partner
Fields of Study: Audit
Amount of Recommended CPE: 2
Type of Delivery Method: Group-Live
Learning Objectives: The learning objectives will be to understand the content of the new accounting guidance and how to apply that guidance to grant and contribution revenue recognition, including the determination of whether or not a grant or contribution contains a donor condition on future funding.
Program Level: Intermediate
Advanced Preparation: None