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.
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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
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.