Changes in Revenue Recognition for Nonprofits

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In May 2014, the FASB issued a final standard on revenue recognition. The FASB Accounting Standards Update (ASU) 2014-09 “Revenue from Contracts with Customers” (Topic 606) provides a uniform framework for revenue recognition and after its effective date will replace almost all revenue recognition guidance currently in place, including industry specific guidance such as; real estate, film development, mortgage banking, construction contracts, and so forth.

The ASU is effective starting December 15, 2016 for calendar year-end public entities and not-for-profit entities that have issued, or are conduit bond obligors for securities that are traded, listed or quoted on …read more

Read more here:: Nonprofit

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