AAFCPAs will present two educational webinars, providing an overview of new Revenue Recognition standards for Commercial Businesses and Nonprofit Organizations. Attendees will gain an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption.
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AAFCPAs Educational Webinar: Revenue Recognition for Nonprofits
When: Wednesday, May 23rd, 2018 | 12:00pm – 1:00pm (1 CPE Credit)
Where: Live Webinar | Watch OnDemand >>.
The proposed Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, issued in August 2017, assists entities in evaluating whether transactions should be accounted for as reciprocal transactions (exchanges) or nonreciprocal transactions (contributions) and in distinguishing between conditional and unconditional contributions. Distinguishing between contributions and exchange transactions determines which revenue recognition guidance is to be applied. Exchange transactions entered into by nonprofits will be accounted for within the scope of ASC 606, or other applicable guidance, while the guidance related to accounting for contributions received is included in Subtopic 958-605, Not-for-Profit Entities – Revenue Recognition.
Revenue Recognition: ASU 2014-09, Revenue from Contracts with Customers (Topic 606), is effective for public business entities and certain not-for-profit entities with annual reporting periods beginning after December 15, 2017. All other entities are required to adopt this by annual reporting periods beginning after December 15, 2018. Entities may now early adopt. This new standard may result in significant changes to the timing and amount of revenue recognized by an entity.
AAFCPAs’ Revenue Recognition Task Force
AAFCPAs’ Revenue Recognition Task Force includes senior level professionals who have been devoted to understanding and interpreting these ASUs since the Financial Accounting Standards Board (FASB) announced the project. In these live, interactive educational webinars, we will provide guidance on the implementation of these complex new standards, including recommendations related to interpretation and situational judgments.
Technical Accounting Advisory
Understanding and implementing accounting standards can be complex, time-consuming, and often require requisite skills and expertise not found on your internal finance team. AAFCPAs provides financial management assistance on these complex technical accounting issues, allowing clients to confidently apply the standard with greater efficiency and ease. Learn more about how AAFCPAs can help you implement the Revenue Recognition Standard.