FASB ASU 2014-09 Revenue Recognition Standards for Nonprofit Entities: Implementing ASC 606 for NFPs
Five-Step Process for Identifying Performance Obligations and Allocating Contract Inflows
Recording of a 110-minute CPE webinar with Q&A
This course 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.
- New FASB guidance
- Identifying performance obligations in contracts or offerings by NFPs
- Five-step approach in ASC 606-10-05-3
- Allocating inflows to performance obligations
- Implementing the new standards
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?
William Donahue, CPA
As a senior manager in Aronson’s Nonprofit Services Group, Mr. Donahue, CPA, specializes in nonprofit clients. He... | Read More
As a senior manager in Aronson’s Nonprofit Services Group, Mr. Donahue, CPA, specializes in nonprofit clients. He works with a team of accountants to perform attestation services (audits, reviews, and compilations), providing assurance that an independent, objective audit has been performed completely in accordance with professional standards.Close
Mr. Robins is a director in Aronson’s Nonprofit & Association Services Group. Prior to focusing his... | Read More
Mr. Robins is a director in Aronson’s Nonprofit & Association Services Group. Prior to focusing his specialization on nonprofit organizations, he spent time with the Employee Benefit Plan Services Group. Mr. Robins specializes in assurance and consulting services for foundations, public charities, schools and service organizations. His experience with fair value concepts, investment portfolios, federal compliance and revenue recognition issues allows him to be a valued resource for nonprofit organizations.Close