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Technical

Exchange and Agency Transactions: Not-for-Profit Accounting & Financial Reporting Logo aicpa

  Karen Craig |   $65.00 - 75.00 |   CPE: 1.5 |   AICPA |   Jul 2018 |   Accounting |   AICPA Store
Who Will Benefit?
  • CPAs, financial professionals and NFP board members involved in financial reporting for NFPs or reviewing NFP financial statements
Topics Discussed
  • Grants, awards, and sponsorships
  • Service fees
  • Special fundraising events and campaigns
  • Product and merchandise sales
  • Membership dues
  • Donor-advised funds
  • Agency transactions
  • Variance power
  • Financially interrelated entities
Learning Objectives
  • Differentiate between exchange transactions, contributions, and agency transactions.
  • Identify examples useful in distinguishing contributions from exchange transactions.
  • Recall key concepts regarding exchange transactions.

This CPE course is included in the comprehensive Not-for-Profit Certificate I Program. It can also be purchased individually or as a part of the Not-for-Profit Accounting and Financial Reporting track.

To achieve financial sustainability, NFPs diversify their revenue streams. Funding sources may include a mix of contributions, grants, awards and sponsorships, and earned income from the sale of goods or services. Under GAAP, these transactions are classified as contributions or exchange transactions, or a combination of both. Some exchange transactions take the form of agency arrangements when the NFP has little discretion over the use of the assets that it receives. Your ability to differentiate between these types of transactions is vital to successful preparation of financial statements in the NFP reporting environment. This on-demand, nteractive CPE course provides real-world examples to help you understand how to distinguish contributions from exchange transactions. You will also learn about basic financial statement presentation and disclosures related to these transactions.

Note: As of August 1, 2018, the content of this course has been significantly updated to reflect implementation of FASB Accounting Standards Updates (ASUs) effective for most not-for-profit entities for their next financial reporting period, including those related to financial statement presentation (ASU 2016-14) and revenue recognition (ASU 2014-09 and ASU 2018-08). f you started Not-for-Profit Certificate I prior to July 31, but did not complete it, click here to find out how this and related course updates affect you. If you completed the program prior to July 31 and would like to retake only those courses with significant updates for new standards, click here to learn about the Certificate I Update Pack.

Topics covered:
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting, Foundational
  • Assurance: Technical: Audit, Foundational
  • Not-for-profit: Technical: Contribution revenue & agency transactions: Revenue recognition, Foundational
  • Not-for-profit: Technical: Contribution revenue & agency transactions: Donor advised fund classifications, Foundational
  • Not-for-profit: Technical: Exchange transaction revenue, Foundational

Comments/Reflections