Don’t Count Your Chickens Before They’ve Hatched: An Explanation of the New Revenue Recognition Standards for NFPs
Don’t count your revenue before understanding how the new revenue recognition standards affect nonprofits. This presentation reviewed ASC 606 and the new contributions standard and share practical tools and tips on implementation.
Participants gained an understanding of the requirements of FASB’s Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made and ASC 606. They also understood certain accounting transactions under the new standards and reviewed implementation considerations that may allow you to apply the revenue recognition standards efficiently.
A full recording of the session is available here.