NOT21101. Introduction to Contribution and Grant Accounting

This session will review the contribution revenue accounting standard for nonprofit organizations under topic 958-605, including the recent clarified guidance in ASU 2018-08.  This will be a primer on contribution and grant accounting. We will also review how to effectively audit contribution transactions and discuss key audit procedures.

Learning Objectives:

• Understand accounting for nonreciprocal transactions accounted for under topic 958-605
• Understand how to effectively audit contribution transaction and key audit procedures