Special Edition Nonprofit Standard Newsletter on ASC 606 is Now Available
Our Nonprofit & Education practice has just released a special edition of the Nonprofit Standard newsletter that is fully dedicated to a discussion of the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers
(ASC 606), and its impact on nonprofit organizations. This edition features an overview of the updates to the standard, as well as an in-depth look into the various nonprofit revenue streams that may be impacted by the ASC 606's provisions. It also walks through a five-step process for organizations to help them implement the ASU’s guidelines, and then provides information on the update’s effective dates, including a discussion of the FASB’s recent decision to issue an exposure draft to determine whether the effective date should be extended for an additional year. Last but not least, it highlights five examples of common nonprofit transactions, and details the process for implementing them under the new standard.
Although ASC 606’s effective date may in fact be extended, we strongly encourage nonprofits to begin familiarizing themselves with the updates now. To learn more, read the full special edition newsletter here
, and visit BDO’s Revenue Recognition Resource Center
for a wide range of helpful information.