One of the goals of this new standard is to improve the usefulness of required financial statement disclosures. In this webinar, we’ll specifically explain what will look different about your statement of operations, but it’s the footnotes that will have the biggest change. We’ll discuss some of the policy decision points in the adoption of the standard and how that will be disclosed in the notes to the financial statements. We’ll also discuss both the modified and full retrospective adoption methods and give some insight into expected common practice.
Upon completion of this program, participants will be able to:
- Illustrate the changes in statement of operations for community health centers (CHC) with revenue recognition
- Explain the revisions and additional information that will be required for the notes to the financial statements based on the new standard
- Translate guidance on the election of the full or modified retrospective method of adoption of the revenue recognition standard