Revenue from contracts with customers: Impact on nonprofit organizations
- August 18, 2017
Resulting from a FASB and IASB convergence, the new revenue recognition standard is a replacement for numerous existing standards. How to recognize revenue under this new standard varies from organization to organization and from contract to contract, and can be difficult to interpret and apply.
The primary feature of the new revenue recognition standard is that it is moving away from a rules-based system and into a principles-based system. The standard lays out general principles and leaves it up to individual organizations to apply those principles to their specific contracts.
This webinar covers the implications of, who might be affected by, and how to be in compliance with the new revenue recognition standard.
- Summary of the new standard
- Revenue streams affected
- Overview of five step process
- Financial statement disclosures
- Transition methods
- Recommended action plan
Kris Ray, Nonprofit industry technical leader