NFP Revenue Recognition Resources
With private companies and not-for-profit (NFP) organizations in the home stretch of implementing the new revenue guidance in Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, FASB posted an Implementation Q&A on its website that incorporates all previously issued FASB staff and Transition Resource Group memos and other educational materials into a single document with a user-friendly, question-and-answer format.
BKD Industry Resources
NFPs may face more challenges than other industries when implementing the new revenue recognition model. ASC 606 partially supersedes NFP industry-specific guidance and substantially all existing revenue recognition guidance. It also adds significant annual disclosures. The effect on each NFP will vary depending on existing revenue streams and current accounting practices.
BKD has prepared a library of BKD Thoughtware® on revenue recognition issues, which includes the following industry-specific articles and webinars.
- Understanding & Implementing Revenue Recognition: Part 1
- Understanding & Implementing Revenue Recognition: Part 2
- Not-for-Profit Revenue Recognition
- NFP New Standard Implementation Series – Tips for Adopting ASU 2014-09: Revenue Recognition
The adoption of ASC 606 will be complex and likely will require significant hours to implement correctly. BKD can help educate your team, provide implementation tools and assist with analysis and documentation. If you would like assistance complying with the new revenue recognition standard, contact your BKD Trusted Advisor™. Visit our website to learn more.