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Proposed ASU Aims to Clarify Revenue Recognition for Not-For-Profits
Posted by Michelle Spriggs on Thu, Aug 31, 2017 @ 10:39 AM

The Financial Accounting Standards Board (FASB) recently issued a proposed accounting standards update, Not-for-Profit Entities (Topic 958) Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.  This proposed update is designed to clarify revenue recognition related to grants and contracts and contributions. Released in early August, the proposed changes would help not-for-profits evaluate whether grants and contracts meet the definition of nonreciprocal transactions, or contributions.  If transactions meet this definition, they would be excluded from ASU 2014-09 Revenue from Contracts with Customers, referred to as the new revenue recognition standard, and therefore require following of the contribution guidance. Alternatively, if a transaction meets the definition of a reciprocal transaction, or an exchange transaction similar to a contract with a customer, then the new revenue recognition standard would apply.

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Topics: not-for-profit, NFP, Michelle Spriggs, Revenue recognition, Revenue Recognition Standard, revenue recognition for nonprofits, nonprofit

Mid-Year Round-Up of Not-For-Profit News
Posted by Chrissy Hammond on Wed, Jun 28, 2017 @ 03:06 PM

Revenue recognition, charitable giving results, compliance supplements—several recent developments could hold particular interest for the not-for-profit community. The following is a brief round-up of what’s new and noteworthy in not-for-profit accounting and management.

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Topics: Not-for-Profits, OMB, Accounting Updates, FASB, Economy, NFP, Revenue Recognition Standard, charitable giving

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

FASB Proposes Delay of New Revenue Recognition Standard
Posted by Mike Burns on Wed, May 27, 2015 @ 09:07 AM

The Financial Accounting Standards Board (FASB) recently proposed a one-year delay to its revenue recognition changes. For not-for-profit organizations, this would mean that the revenue recognition update would take effect for public entities in calendar year 2018 and in calendar year 2019 for nonpublic entities. Originally, public business entities, certain not-for-profit organizations and employee benefit plans were to adopt the new standards for interim and annual reporting periods beginning after December 15, 2016. All other entities were to adopt for annual reporting periods beginning after December 15, 2017 and interim periods within annual reporting periods after December 15, 2018.

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Topics: Revenue Recognition Standard, FASB, Mike Burns

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