New 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 webinar will provide auditors and professionals with not-for-profit (NFP) financial reporting responsibilities with a thorough and practical guide to the FASB’s new 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 does the new standard impact the determination of whether an NFP contract offering 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 current 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?
Joseph A. Arnone, CPA, CGMA
Mr. Arnone, CPA, CGMA, is a senior audit manager at CohnReznick. He is a member in the Firm’s Not-for-Profit and... | Read More
Mr. Arnone, CPA, CGMA, is a senior audit manager at CohnReznick. He is a member in the Firm’s Not-for-Profit and Education Industry Practice and has more than 14 years of diversified public accounting experience. Joe manages all stages of the audit process, including planning, fieldwork, supervision and review, and communications with management. He prides himself on being visible and accessible to his clients throughout the year.Close
Christopher J. Pentin, CPA
Audit Senior Manager
Mr. Pentin has 12 years' experience in public accounting, effectively designing, coordinating and executing... | Read More
Mr. Pentin has 12 years' experience in public accounting, effectively designing, coordinating and executing financial statement audits for a diversified base of clients in the Not-for-Profit Industry and other publicly held and private companies.Close
Swami Venkat, CPA, CISA, CFE, ACA
Mr. Venkat is a partner with CohnReznick Advisory specializing in governance, risk, and compliance. He has more than 10... | Read More
Mr. Venkat is a partner with CohnReznick Advisory specializing in governance, risk, and compliance. He has more than 10 years of professional experience in accounting and internal controls, audit, internal control assessment, and SEC/US GAAP reporting. He has served as the project lead in assisting client management implement and maintain Sarbanes-Oxley (SOX) Sections 302 and 404 compliance programs across various industries including retail, manufacturing, financial services, data center operations, and software services.Close