Sunday Midday Learning Opps

The Rules They Are A-Changin’: Accounting for Revenue in Higher Education

  • Sunday, July 14
  • 01:45 PM - 03:00 PM
  • Austin Conv Center
  • Level 4, 18CD
  • ACT

Speakers

Jeffrey Mechanick

Assistant Director

Financial Accounting Standards Board

Norwalk, Connecticut

Drew Paluf

Associate Vice President for Finance and Controller

University of Notre Dame

Notre Dame, Indiana

Pete Ugo

Partner

Crowe LLP

Indianapolis, Indiana

Description

With the implementation of Topic 606 on revenue recognition and ASU 2018-08 on grants and contributions, the rules are changing! Colleges and universities have a wide range of revenue sources: tuition, grants, contributions, sponsorships, fees, and so forth. Each type of revenue has its own complexities to consider when evaluating new recognition criteria, including the existence of conditions/barriers, exchanges of goods/services, and milestones. This session’s speakers will explain the new guidance and its applicability to higher education institutions, offering several real-life examples of revenue transactions and how they would be recognized.

Learning Objectives

  • Describe requirements of the new standards and how they apply to financial reporting
  • Implement the guidance in the controller’s office and departments that solicit various forms of revenue
  • Prepare for the impact to internal policies and communication with financial statement users