Accounting Updates in Reporting
Thursday, July 15th, 2021
1:30 PM - 2:30 PM: Breakout 6
In recent years, not-for-profit organizations have been subject to changes in financial accounting and reporting requirements - both broad changes that affect both for-profit and not-for-profit entities alike and more targeted changes that impact not-for-profits alone. More changes will continue to impact the accounting and reporting for not-for-profits in coming years. Together, we will look at the recent changes that have impacted how not-for-profits 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 an 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: Understand the expected financial statement impacts of new guidance on recording leases, including discussion of how these changes this might impact an organization's ability to tell its story to donors, grantors, members and other funders.
Learning Outcome #3
By attending this session participants will learn: Understand the new requirements regarding contributed nonfinancial assets (in-kind donations) and the processes that not-for-profits need to put in place to comply.