New Revenue Recognition Guidance: What Nonprofit Organizations Need to Know with BDO & JMT
11:30 AM - 1:30 PM EDT
Boston, MA 02110 United States
Join JMT Consulting and BDO for lunch and a CPE eligible presentation on the New Revenue Recognition Standards for Nonprofits!
As the new revenue recognition requirements (Topic 606) are upon us, nonprofit chief financial officers, controllers, and other key financial players are tasked with interpreting, documenting and implementing the standards within their financial reporting structures. The Financial Accounting Standards Board (FASB) issued Topic 606 and a clarifying update, Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
- The ASU aims to standardize: how grants and other contracts are classified across the sector, as either an exchange transaction or a contribution.
- The revenue standard aims to improve: accounting for contracts with customers, but it also introduces a layer of complexity and challenge to nonprofits of every size.
This presentation will provide guidance to nonprofit organizations on ways to prepare, implement and avoid common pitfalls of the new revenue recognition standard.