SAVE THE DATE: AAFCPAs to Share Valuable Revenue Recognition Guidance for Nonprofits

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.

SAVE THE DATE!

AAFCPAs Educational Webinar: Revenue Recognition for Nonprofits

When: Wednesday, May 23^rd, 2018 | 12:00pm – 1:00pm (1 CPE Credit)
Where: Live Webinar | Watch OnDemand >>.
Topic 958
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.
Topic 606
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.

About the Authors

Courtney McFarland, CPA, MSA, 340B ACE

Courtney is an audit partner in the firm’s Healthcare Practice with over 15 years of assurance experience and a comprehensive understanding of the nuances of the healthcare industry. She delivers a full range of solutions solving the challenges that AAFCPAs’ healthcare clients face, including: audits in accordance with Uniform Guidance/Single Audit and Government Auditing Standards, 340B pharmacy program requirements, best practices for reconciliation & analysis of statistical and programmatic data, tracking and monitoring risk-based contracts, maximizing reimbursements, and guidance on healthcare reform. Courtney is a member of AAFCPAs’ Revenue Recognition Task Force, dedicated to helping the firm and clients understand best practices for an efficient and effective implementation of the robust new framework.

Jeffrey Mead, CPA, CGMA

Jeffrey is a Partner and leader of AAFCPAs’ Commercial Practice, providing proactive audit/assurance, tax, and advisory solutions for closely-held and privately-owned businesses. His diverse commercial client base includes: professional service firms, technology companies, publishers, and manufacturers/distributors.

Matthew Hutt, CPA, CGMA

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.

Tracy LeMaire, CPA, MBA

Tracy is responsible for planning and executing financial statement attestations for privately-held commercial companies, including: manufacturing & distribution, physicians & private healthcare practices, transportation, retail, and professional services. She specializes in compilations, reviews, and financial statement audits in accordance with generally accepted auditing standards, and standards for accounting and review services. She is a member of AAFCPAs’ Employee Benefit Plan Audit practice specializing in ERISA audits, including: 401(k) and 403(b) defined benefit plans. Tracy also has extensive experience with the preparation and filing of partnership and corporate income tax returns. Tracy is a leader in AAFCPAs’ Compilation and Review practice, responsible for monitoring standards changes, and providing interpretive guidance and implementation strategies for all preparation, compilation and review engagements. Tracy’s proven advice ensures that businesses are complying with the latest accounting standards, in addition to gaining strategic insight from the financial information.