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Mark Robins and Will Donahue of Aronson’s Nonprofit and Association Services Group will host a Strafford webinar titled, “FASB ASU 2014-09 Revenue Recognition Standards for Nonprofit Entities: Implementing ASC 606 for NFPs” on Thursday, December 5th.
This webinar will provide auditors and professionals with not-for-profit (NFP) financial reporting responsibilities with a thorough and practical guide to the FASB’s Accounting Standards Update (ASU) 2014-09. The presenters will also discuss Revenue from Contracts with Customers (Topic 606) recognition standard, applicable to almost all nonprofits, and prepare accountants to implement its significant changes to financial reporting and disclosures for NFPs.
The panel will discuss these and other noteworthy questions:
- How do the standards impact the determination of whether an NFP contract offer creates a “performance obligation”?
- What are the elements of the new “five-step” approach issued in ASC 606-10-05-3 for identifying a “transfer of promised goods or services to customers” in exchange for consideration?
- How will FASB’s guidance on indicators distinguishing contributions from exchange transactions (ASC 958-605-55-8) apply under the new guidance?
- What areas of judgment does the new revenue recognition standard create for NFP advisers?