Accounting Updates in Reporting
Thursday, July 15th, 2021
1:30 PM - 2:30 PM: Breakout 6
In recent years, nonprofit organizations have seen many changes in financial accounting and reporting requirements - both broad changes that affect for-profit and nonprofit organizations alike — including more targeted changes that impact nonprofits exclusively. And there's no doubt that more changes will continue to impact the accounting and reporting for nonprofits in the coming years. Together, we'll look at the recent changes that have impacted how your nonprofit needs to record grants, contributions and other revenues and report expenses, as well as upcoming changes that will impact how leases and contributed nonfinancial assets are presented in your organization's financial statements.
Learning Outcome #1
By attending this session participants will learn: Understand the fine line between contributions and exchange revenues for grants and other similar agreements (and why it matters).
Learning Outcome #2
By attending this session participants will learn: Navigate the expected financial statement impacts of new guidance on recording leases, including discussion of how these changes might impact your organization's ability to tell its story to donors, grantors, members and other funders.
Learning Outcome #3
By attending this session participants will learn: Implement the new requirements regarding contributed nonfinancial assets (in-kind donations) and the processes that you need to put in place to comply.