NFP Revenue Recognition Resources

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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.

Effective Dates ASC 606 Revenue Recognition

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.

Webinars

White Paper

Articles

Conclusion 

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.

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