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

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.

Slide Deck

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Recording

Speakers

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

Trevor W. Williams, CPA | Nonprofit Audit Partner