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Webinar: AAFCPAs Revenue Recognition Guidance for Nonprofits

Join AAFCPAs on Wednesday, May 23rd from 12-1pm for a live, 1-hour revenue recognition implementation webinar!

AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly, CPA will provide nonprofit finance executives with 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.

Watch OnDemand >> and please share with anyone who may benefit from attending this webinar.

This nonprofit revenue recognition webinar will cover:

  • An overview of the key provisions and impact areas of these standards on common types of revenues specific to nonprofits, including: tuition, membership dues, licenses, and health care revenues.
  • Guidance on how to identify if your contract or grant falls under this new revenue recognition standard, or if it should be treated as a contribution under Topic 958-605.
  • Effective dates and transition guidance.
  • Practical considerations and challenges to IT systems and processes.
  • Lessons learned from early adopters.
  • Guidance on where you should be in the process for a successful 2019 implementation, and action you should take now.

We will provide time at the end of this session to allow attendees to Ask Members of our Revenue Recognition Task Force any burning questions.

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.

Complimentary Live Webinar

Wednesday, May 23rd | 12:00 – 1:00pm
1 CPE Credit Available

Watch OnDemand >>

Matthew Hutt CPA Courtney McFarlandEmily Donnelly, Manager

AAFCPAs’ Revenue Recognition Task Force

AAFCPAs’ Revenue Recognition Task Force includes senior level professionals who have been devoted to understanding and interpreting this ASU since the Financial Accounting Standards Board (FASB) announced the project. In this live, interactive educational webinar, we will provide guidance on the implementation of this complex new standard, including recommendations related to interpretation and situational judgments.

Technical Accounting Advisory

Understanding and implementing accounting standards can be complex, time-consuming, and often requires 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
Courtney is an audit manager in the firm’s Healthcare Practice with over 10 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.
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.