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Podcast: AAFCPAs’ 2017 Regulatory Update

Understanding the New Nonprofit Financial Statement Presentation Standards; and the Impact of Revenue Recognition on Nonprofits

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Understanding the New Nonprofit Financial Statement Presentation Standards

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The Impact of Revenue Recognition on Nonprofits

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In August 2016, the FASB implemented an accounting standards update (ASU 2016-14) to refresh the previous reporting model.  AAFCPAs discusses the main provisions of this ASU, which include net asset classification (collapsing three asset classifications into two), reporting expenses by natural function and category, the place-in-service approach for property and equipment purchases, and underwater endowment reporting.  We review effective dates, and provide transition guidance and tips for a smooth implementation.

We also discuss the impact of the new Revenue Recognition standard, which will require significant management judgment, in addition to changing the way many Nonprofits recognize revenue in their financial statements.

This audio session was recorded live at AAFCPAs’ May 3rd, 2017 Annual Nonprofit Educational Seminar. Slides may be downloaded by clicking the links below:

Watch this video clip (1 min 49 sec) for a summary; and then download the full audio of the session recorded May 3th, 2017 at AAFCPAs’ Annual Nonprofit Educational Seminar.

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About the Authors

Matthew Hutt CPA
Matt leads AAFCPAs’ Healthcare Division, providing assurance, tax and advisory solutions for Federally Qualified Health Centers (FQHCs), behavioral health providers, home care agencies and hospices, nursing homes, and senior care living centers. Matt advises healthcare providers on consolidation and coordination of care, including the integration of behavioral health into the primary care delivery system. He also provides consulting solutions for providers transitioning to new value-based reimbursement models, and data driven patient care, including: developing business process and controls for collecting and advantaging data to provide analysis on: provider activity, delivery of care, and analysis of efficiency & cost effectiveness. Matt is also highly-sought after for his knowledge on issues related to affordable housing developers with requirements related to the US Department of Housing and Urban Development, MassHousing, Low Income Housing Tax Credits, Historical Tax Credits and New Markets Tax Credits. 
Nicole Zompa, CPA
Nicole is a partner in the commercial assurance practice of AAFCPAs. She specializes in advising diverse commercial clients including: early-stage venture-backed companies, family owned and private equity owned companies, and mid-sized, multinational SEC registrants. Nicole provides sound financial management advice to clients in the specialty areas of: financial reporting, mergers, acquisitions & Initial Public Offerings. Nicole is Chair of AAFCPAs’ Revenue Recognition Task Force, and her technical accounting experience includes revenue recognition implementation, as well as stock option & equity-based compensation plans and International Financial Reporting Standards.