W205: Nonprofit GAAP – The New Revenue Recognition Standard & What You Need to Know About it as a Nonprofit
Not-for-profit accounting for exchange transactions can be difficult. Recent accounting standards such as Accounting Standards Codification 606 (ASC 606) can add to the complexity. All transactions with customers must be accessed using the five step approach. Within the five steps are multiple additional considerations that also need to be addressed depending on the nature of the transaction. This webinar will guide you through those five steps and help you apply them to your organization’s transactions with customers. The webinar will help you understand the differences between contributions and exchange transactions.
- You will be able to understand the difference between contributions and exchange transactions.
- You will be able to describe the 5 step approach for recognizing and measuring revenue
- You will be able to identify contracts, performance obligations and transaction prices for exchange transactions under ASC 606.
- You will be able to recognize and measure revenue for exchange transaction under ASC 606.