Revenue Recognition: New Guidance for Recording Contributions, Grants and Contracts (Topic 605/Topic 606)

September 13, 2018

In June, FASB issued an update to Topic 958, “Clarifying the Scope of the Accounting Guidance for Contributions Received and Contributions Made” to clarify how nonprofits determine whether a resource provider is participating in an exchange transaction vs. providing a contribution. Understanding how the new guidance affects revenue recognition is critical for all nonprofit organizations.

Join GRF’s nonprofit assurance pros to learn how your organization can identify reciprocal and non-reciprocal transactions to comply with FASB ASU 2018-18 as well as FASB ASU 2014-09 “Revenue for Contracts with Customers”. Participants will come away with a better understanding of the complexities of revenue recognition and the knowledge nonprofit financial professionals need to properly record contributions, grants and contracts.

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Walt B. Derengowski, CPA, CFE | Nonprofit Audit Partner

Trevor W. Williams, CPA | Nonprofit Audit Partner