Revenue Recognition for Not-for-Profit Entities (Yellow Book Compliant)

Overview

Revenue Recognition
Effect on NFPs

• Understand how FASB’s revenue recognition standard will affect not-for-profit financial statements.
  
• Gain knowledge of the various types of revenues received by not-for-profit organizations.
  
• Then learn how to properly record and reflect those transactions in NFP financial statements.

Objectives

• Identify the definitions of exchange transactions and contributions.
• Identify the difference in conditional, unconditional, and donor-restricted contributions.
• Identify typical agency transactions of not-for-profit entities and determine the accounting for various types of agency transactions.
• Identify the concept of variance power and how it affects recognition of agency transactions.
• Differentiate exchange transactions and contributions for transactions commonly seen in not-for-profit entities.

Highlights

Revenue recognition, including grants and contracts

Designed For

External and internal auditors of nonprofit organizations and nonprofit accounting professionals

Prerequisites

Knowledge of the not-for-profit accounting.