News Release 08/07/18

Registration Opens for September 14 FASB Webcast
IN FOCUS:  Understanding and Implementing FASB’s New Grants and Contracts Standard

Participants in Live Webcast Eligible for Up to 2 CPE Credits


Norwalk, CT, August 7, 2018Registration is now open for an upcoming webcast that looks at recent improvements to accounting guidance on grants and contracts.  IN FOCUS:  Understanding and Implementing FASB’s New Grants and Contracts Standard will take place on Friday, September 14, 2018, from 1:00 to 2:40 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 2 hours of Continuing Professional Education (CPE) credits. (CPE credit is not available for group viewing of the live broadcast.)
 
The webcast will feature Jeffrey Mechanick, FASB Assistant Director—Nonpublic Entities; Elizabeth Gagnon, FASB Supervising Project Manager; Richard Cole, FASB Supervising Project Manager; and John Kroll, Member, FASB Not-for-Profit Advisory Committee. Panelists will discuss the June 2018 Accounting Standards Update, Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made (ASU 2018-08).
 
Through this session, participants will learn about the clarifications and improvements to existing guidance in:
  1. 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) transaction
  2. Determining whether a contribution is conditional and distinguishing between donor-imposed conditions and donor-imposed restrictions. 
While the changes discussed on this webcast are primarily of interest to not-for-profit organizations, they apply to all organizations that receive or make contributions of cash and other assets, including business enterprises. The changes do not apply, however, to transfers of assets from governments to businesses.
 
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.