
Revenue Recognition for Not-for-Profit Entities (Yellow Book Compliant)
Learn how FASB’s revenue recognition, as well as the grants and contracts standard, will affect NFP accounting of revenues.
Format
Online
NASBA Field of Study
Accounting
Level
Intermediate
CPE Credits
1
Author(s)
Lynda M. Dennis
Availability
1 year
Product Number
RRNFP21SSO
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.
Who Will Benefit
External and internal auditors of nonprofit organizations and nonprofit accounting professionals
Key Topics
Revenue recognition, including grants and contracts
Learning Outcomes
- 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.
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