Exchange and Agency Transactions: Not-for-Profit Accounting & Financial Reporting
Learn accounting for exchange and agency transactions, including recognition, measurement, and financial statement display issues that are unique to not-for-profit entities.
Format
Online
NASBA Field of Study
Accounting
Level
Basic
CPE Credits
1.5
Author(s)
Karen Craig
Availability
1 year
Product Number
188022
This CPE course is included in the comprehensive Not-for-Profit Certificate I Program. It can also be purchased individually or as a part of the Not-for-Profit Accounting and Financial Reporting track.
To achieve financial sustainability, NFPs diversify their revenue streams. Funding sources may include a mix of contributions, grants, awards and sponsorships, and earned income from the sale of goods or services. Under GAAP, these transactions are classified as contributions or exchange transactions, or a combination of both. Some exchange transactions take the form of agency arrangements when the NFP has little discretion over the use of the assets that it receives. Your ability to differentiate between these types of transactions is vital to successful preparation of financial statements in the NFP reporting environment. This on-demand, nteractive CPE course provides real-world examples to help you understand how to distinguish contributions from exchange transactions. You will also learn about basic financial statement presentation and disclosures related to these transactions.
Note: As of August 1, 2018, the content of this course has been significantly updated to reflect implementation of FASB Accounting Standards Updates (ASUs) effective for most not-for-profit entities for their next financial reporting period, including those related to financial statement presentation (ASU 2016-14) and revenue recognition (ASU 2014-09 and ASU 2018-08). f you started Not-for-Profit Certificate I prior to July 31, but did not complete it, click here to find out how this and related course updates affect you. If you completed the program prior to July 31 and would like to retake only those courses with significant updates for new standards, click here to learn about the Certificate I Update Pack.
- Grants, awards, and sponsorships
- Service fees
- Special fundraising events and campaigns
- Product and merchandise sales
- Membership dues
- Donor-advised funds
- Agency transactions
- Variance power
- Financially interrelated entities
- Differentiate between exchange transactions, contributions, and agency transactions.
- Identify examples useful in distinguishing contributions from exchange transactions.
- Recall key concepts regarding exchange transactions.
Group ordering for your team
2 to 5 registrants
Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.
Start order6+ registrants
We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at salessupport@aicpa.org
Contact usThe Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services. The Association is committed to making professional learning accessible to all. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. For accommodation requests, please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.
Ratings and reviews
Log in to apply your member discount.