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Revenue Recognition: Government Grants and Other Provisions that May Impact Adoption for Not-For-Profits
Posted by Craig Gilman on Tue, Feb 28, 2017 @ 07:39 AM

All entities that have contracts with customers will be affected by the new revenue recognition standard, including not-for-profit organizations.

The Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) creates a five-step revenue recognition model that replaces a rules-based approach with a principles-based approach. The changes are wide-ranging and will have more of an impact on commercial entities than the nonprofit sector, and not-for-profit organizations will have some exceptions to following the new standard. Contributions, for example, are scoped out of the changes. Nevertheless, other provisions of the new guidance could be of interest and should be considered carefully.

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Topics: not-for-profit, NFP, nonprofit, Revenue recognition, Revenue Recognition Standard, Government Grants

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