The Financial Accounting Standards Board issued this new standard in June 2018. ASU 2018-08 Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made has been issued to clarify and improve the scope and accounting guidance for contributions received and contributions made. This new standard may have a significant impact on how not-for-profit organizations recognize and report contributions and revenues.
Join Schneider Downs Audit and Assurance Shareholder, Kim Griffith, and Audit and Assurance Manager, Danielle Miceli, as they take a look at the specific provisions of ASU 2018-08. This webinar will examine the key considerations of this standard related to distinguishing between contributions and exchange transactions and the impact of that determination on revenue recognition. In addition, the evaluation of conditional contributions will be examined.
