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CPE Self-Study

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

  • $29.00-$39.00
    Exchange and Agency Transactions: Not-for-Profit Accounting & Financial Reporting Availability : Online Access Product #: 165124
    AICPA Member: $29.00
    Non-Member: $39.00
  • Contact Sales
    Contact a representative for group pricing. 800.634.6780 (Option 1) | Contact Us Product #: GT-NFP-AFR4

Please Read: Not-for-Profit certificate product changes are currently underway in order to reflect new FASB ASU 2016-14 and the FASB standards. On July 31, 2018, the few courses impacted will be updated and replaced. If you do not expect to complete the entire certificate program by July 31, you may wish to defer completion of the few impacted courses until after August 1, 2018. Learn More.

This CPE course is included in the 40-hour 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, interactive 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.

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:

When you complete this course, you will be able to:

  • Differentiate between exchange transactions, contributions and agency transactions.
  • Identify the indicators useful in distinguishing contributions from exchange transactions.
  • Recall key concepts regarding exchange transactions.

Prerequisite: None

Advanced Preparation: None

Who Will Benefit?

  • CPAs, financial professionals and NFP board members involved in financial reporting for NFPs or reviewing NFP financial statements.

System Requirements

About the Authors

Karen Craig

About the Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.