This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. See all FORsights for the most up-to-date articles, webinars, and videos.
Revenue Recognition: A Comprehensive Review for Not-for-Profit Organizations
Not-for-profits (NFP) may face more challenges than other industries when it comes to implementing the new revenue recognition model. Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), partially supersedes NFP industry-specific guidance and substantially all existing revenue recognition guidance. It also adds significant interim and annual disclosures. The ASU’s effect on each NFP will vary depending on existing revenue streams and current accounting practices. Read on to learn more about how NFPs may be affected.