FASB Webcast and Webinar Series

IN FOCUS: Understanding and Implementing FASB’s New Grants and Contracts Standard

Date: Friday, September 14, 2018

Time: 1:00–2:40 p.m. Eastern Daylight Time

The Financial Accounting Standards Board (FASB)  is pleased to announce an upcoming webcast that 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).

Speakers: Jeffrey Mechanick, FASB Assistant Director—Nonpublic Entities; Elizabeth Gagnon, FASB Supervising Project Manager; Richard Cole, FASB Supervising Project Manager; John Kroll, Member, FASB Not-for-Profit Advisory Committee.
Learning Objectives: 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) transactions
  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.
Speakers will discuss frequently asked questions about the standard and how to implement it, and participants will also have the opportunity to email their own questions to the panelists during the event.

Field of Study: Accounting

Delivery Method:  Group-internet based

Program Level: Overview

Program Prerequisites: None

Advanced Preparation Needed: None

Recommended CPE: 2.0 hours; final CPE earned will be determined based on the length of participation in the program, polling questions as described in CPE Eligibility, and completion of a course survey. Credit is provided only to participants in the live broadcast of this course. Please note that credit is not provided for group viewing. Each participant must be registered separately and meet both polling and duration requirements as per NASBA.

Refund/Cancellation Policy: There is no cost for this course and there is no cancellation penalty. Participants will be notified by email as soon as possible if the course is cancelled for any reason.

Complaint Policy: To register complaints about course content or delivery method and to inquire about the timeliness and accuracy of CPE credit posting for this event, contact CPEDirector@fasb.org.

Official National Registry of CPE Sponsors' Statement

The Financial Accounting Foundation/FASB/GASB is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/cpas/complaints.

NASBA National Registry of CPE Sponsors—Sponsor License Number 107522

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