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Improve Your Revenue Recognition Assessment Speed
Posted by Mark Winiarski on Fri, Sep 6, 2019 @ 02:04 PM

Not-for-profit organizations, you cleared the biggest hurdle to revenue recognition adoption and busted some of the important myths. Now comes the hard part: a formal, initial impact assessment.

In the race for ASC Topic 606 adoption, your assessment of how revenue recognition affects your organization serves as your course map. It highlights the contracts and arrangements that will experience some of the biggest changes under the new accounting standard, so that you can see other potential barriers between your organization and the finish line.

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Topics: Revenue Recognition Standard, not-for-profit, Mark Winiarski, Revenue recognition, revenue recognition for nonprofits, ASC Topic 606

Measuring the Impact of Revenue Recognition on Not-For-Profit Organizations
Posted by Holly Perez on Thu, Nov 29, 2018 @ 10:48 AM

Not-for-profit organizations face a big question going into their next fiscal period: how will the revenue recognition standard affect the not-for-profit sector? The answer is: it depends.

If your organization uses a basis of accounting other than the U.S. generally accepted accounting principles (GAAP), such as a cash basis of accounting, then the changes to revenue recognition under ASC Topic 606, Revenue from Contracts with Customers will not impact your organization. Organizations that follow U.S. GAAP will have some evaluating to do, particularly if your entity receives a high volume of contributions, is a membership organization, or provides goods or services (such as by operating a gift shop). 

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Topics: Not-for-Profits, NFP, Revenue recognition, ASC Topic 606, Holly Perez

Guidance Issued Regarding Contributions Made and Received for Not-For-Profit Organizations
Posted by Holly Perez on Thu, Jun 28, 2018 @ 11:14 AM

On June 21, 2018 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions received and Contributions Made, which provides accounting guidance around contributions of cash and other assets received and made by not-for-profit organizations and business enterprises.

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Topics: Not-for-Profits, FASB, NFP, Revenue recognition, Financial Accounting Standards Board, ASC Topic 606, Holly Perez

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