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AAFCPAs Nonprofit Revenue Recognition Guidance Webinar Available OnDemand

AAFCPAs’ Nonprofit Revenue Recognition Guidance Webinar, presented live on Wednesday, May 23rd, 2018, is now available 24/7 via our website. Access the recording OnDemand Here: https://www.aafcpa.com/webinar/aafcpas-nonprofit-revenue-recognition-guidance-webinar/ For your convenience, you may download the slides from the May 23rd presentation here: http://info.aafcpa.com/webinar-2018-rev-rec-np AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly provide nonprofit finance executives with an understanding of how the new standard could impact revenue recognition and company policies, and what they should... continue reading

The Impact of Revenue Recognition on Healthcare

Revenue Recognition: ASU 2014-09, Revenue from Contracts with Customers (Topic 606), is effective for public business entities, and certain not-for-profit entities that have publicly traded conduit (or direct) debt, 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... continue reading

Net Asset Classification Considerations for Nonprofits Implementing the Financial Statement Presentation Standards

AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. ASU 2016-14 affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations and education) and is effective for fiscal years beginning after December 15, 2017 (CY 2018 or FY 2019). Net Asset... continue reading

Liquidity Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework

AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. ASU 2016-14 affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations and education) and is effective for fiscal years beginning after December 15, 2017 (CY 2018 or FY 2019). Liquidity and... continue reading

Webinar: AAFCPAs Revenue Recognition Guidance for Nonprofits

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 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. Reserve Your Seat >> and please share with anyone who may benefit from attending this webinar.... continue reading

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

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 23rd, 2018 | 12:00pm – 1:00pm (1 CPE Credit)... continue reading

AAFCPAs Provides Guidance on Potential Impact of FASB’s Proposed Changes to NFP Grant and Contribution Accounting

The Financial Accounting Standards Board (FASB) met on February 14, 2018 to redeliberate the amendments in 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.  This proposed ASU will primarily affect nonprofits that receive government or foundation grants and contracts, but also provides clarity to other nonprofits and business entities that receive or make contributions. This... continue reading

Guidance on New Lease Accounting Standard

In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions.   AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: Operating leases will now be recorded in the balance sheet as assets and liabilities if the lease term is greater than 12 months. Prior to this new standard, U.S. GAAP required only capital... continue reading

Biggest Improvement of Financial Reporting Guidance in Two Decades for Not-for-Profit Entities

On August 18, 2016, the FASB issued a final ASU 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities, to improve financial reporting guidance for not-for-profit entities (NFPs).  The existing financial reporting guidance was established in 1993 when the FASB issued the Statement of Financial Accounting Standards (AFAS) No. 117, Financial Statements of Not-for-Profit Organizations.   Although the FASB noted the current guidance is sound, it could be... continue reading

Implementation Guidance Related to Performance Obligations and Licensing

AAFCPAs would like to make clients aware of a recent accounting standards update (ASU) issued by the Financial Accounting Standards Board (FASB) which clarifies the implementation guidance related to identifying performance obligations and licensing.  ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, does not change the core principle of the guidance in the new revenue recognition standards (Topic 606).  It does clarify the following: Identifying... continue reading