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.
Breaking Down Rev Rec: A Guide for Private K-12 Schools & COVID-19 Considerations
In this session, we will review the revenue recognition standards that need to be implemented by private K-12 schools. Join BKD as we focus on common programs administered by K-12 schools, including education, summer camps and food service, especially amid COVID-19. This session will address the five-step revenue recognition model as well as how to report the revenues and related financial aid in both the exhibits and the related note disclosure. There will be a discussion on the grants and contribution accounting standard as well as accounting for receipts from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Learning Objectives
Upon completion of this program, participants will be able to:
- Discuss revenue recognition standards
- Describe how to implement the standard at your school
- Describe how to design the new disclosures to include in your financial statements
- Explain accounting for CARES Act receipts
