News Release 08/16/17
Registration Opens for FASB CPE Webcast on Proposed Improvements to Not-for-Profit Grant and Contribution Accounting
Participants in Live Webcast Eligible for Up to 1.2 CPE Credits
Norwalk, CT, August 16, 2017—Registration now is open for an upcoming Financial Accounting Standards Board (FASB) webcast on a proposed Accounting Standards Update (ASU) intended to clarify and improve the scope and the accounting guidance for contributions received and made, primarily by not-for-profits. IN FOCUS: Proposed Improvements to Not-for-Profit Grant and Contribution Accounting will take place on Monday, September 11, 2017, from 1:00 to 2:00 p.m. Eastern Daylight Time.
Participants in the live broadcast (which is offered free of charge to those who preregister) will be eligible for up to 1.2 hours of Continuing Professional Education (CPE) credit. (Please note that CPE credit is not available for group viewing of the live broadcast.)
The webcast will feature Harold L. Monk, Jr., FASB member; Jeffrey D. Mechanick, FASB assistant director—nonpublic entities; Richard A. Cole, FASB supervising project manager; and Elizabeth A. Gagnon, FASB project manager/project lead, discussing provisions of the proposed ASU, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
Through this session, participants will learn about the proposed clarifications and improvements to existing guidance in:
- Characterizing grants and similar contracts with government agencies and others as exchange transactions (subject to guidance such as Accounting Standards Codification Topic 606) or contribution (nonexchange) transactions and
- Distinguishing between conditional contributions and unconditional contributions and between donor-imposed conditions and donor-imposed restrictions.
An archive of the webcast will be available on the FASB website after the live event. (CPE credit will not be available to those who view only the archived webcast.)
For more information about the webcast, visit www.fasb.org.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.