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New Revenue Recognition Guidance: What Nonprofit Organizations Need to Know

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Nonprofits received long-awaited clarification on a key accounting question from the Financial Accounting Standards Board (FASB). The FASB released a final 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 latest guidance from the FASB arrives at a time when nonprofit chief financial officers (CFOs), controllers, and other key financial players are facing a fast-approaching deadline to implement new revenue recognition requirements (Topic 606). 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 webinar will provide guidance to nonprofit organizations on ways to prepare for and implement the new revenue recognition standard.

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