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(Virtual) Not-for-Profit Revenue Recognition Standards Review
October 13, 2020 @ 11:00 am - 12:00 pm Eastern
The past few years have brought several changes to not-for-profit accounting and financial statement preparation, the most significant of which has been in the area of revenue. FASB’s Accounting Standards Updates 2018-08 and 2014-09, as well as follow-up updates, have changed how revenue transactions are evaluated, accounted for, and disclosed in financial statements. Your not-for-profit organization may be in the process of adopting one or both standards in 2020.
In an hour-long educational session on Tuesday, October 13, intended to shed light on the rapidly evolving topic of revenue,
Not-for-Profit Principal Mollie Lambert and Manager Lisa Drummond will provide a comprehensive review of the ASUs including:
- Revenue vs agency considerations
- Contribution vs exchange evaluation
- Conditional contribution criteria
- Considerations for contracts with customers
- The five steps
- New footnote disclosures
- Adoption options and requirements
Join Mollie and Lisa on Tuesday, October 13, from 11 am to 12 pm, for a review of these updates and the opportunity to stay current with FASB’s guidance on the presentation of not-for-profit financial statements.