Nonprofits face many challenges in recognizing their revenue. The release of the new Revenue Recognition Standards (Topic 606) will significantly affect revenue recognition practices for most organizations. The change in this standard has forced many organizations to re-evaluate their approach to how they recognize revenue. The changes for many organizations were clear, however, there was a gray area for nonprofits regarding contributions, grants and contracts. As a result of this uncertainty, FASB issued Topic 958. Join our nonprofit experts for this FREE event and be better prepared to tackle the revenue recognition challenges in your organization.
During the presentation, VonLehman’s Micki Siner, Lauren Kreutzinger, and Ali Lotfalian will cover:
- Overall topic of revenue recognition for nonprofits under the new standards
- Distinguishing between a contribution (a nonreciprocal transaction) and an exchange transaction (a reciprocal transaction)
- Distinguishing between a conditional and unconditional contribution
- Best practices for identifying revenue recognition
11:30-11:50 – Registration/Networking/Lunch
11:50-12:00 – Introductions/Lunch
12:00-12:50 – Presentation
12:45-1:00 – Q/A
Eligible for 1 hour of CPE.