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KSM Blog | Katz, Sapper & Miller CPA

Accounting Update for Not-for-Profit Entities: Revenue Recognition

Posted 2:00 PM by

Accounting Update for Not-for-Profit Entities: Revenue Recognition was created by our Not-for-Profit Services Group to help organizations navigate and understand Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).

The ASU and its subsequent amendments supersede almost all revenue recognition requirements under accounting principles generally accepted in the United States (U.S. GAAP), including industry-specific guidance, so it is imperative that not-for-profit organizations understand how to remain compliant.

This whitepaper outlines a step-by-step process for recognizing revenue, explains expanded disclosure requirements, and describes how to classify grants and similar contracts with resource providers.

About the Author
Scott Schuster is a partner in Katz, Sapper & Miller's Audit and Assurance Services Group as well as the partner-in-charge of KSM's Not-for-Profit and Governmental Services Groups. Scott has served as auditor to a number of not-for-profits and local units of government.

 

About the Author
Justin Hayes is a director in Katz, Sapper & Miller’s Audit and Assurance Services Group. Justin works with clients to help them avoid risk and maximize efficiencies by keeping an eye on their bottom line and helping ensure accurate financial reporting. Connect with him on LinkedIn.

 

About the Author
Trent Parkinson is a manager in Katz, Sapper & Miller's Audit and Assurance Services Group. Trent works with clients to help ensure accurate financial reporting and help them avoid risk and maximize efficiencies. Connect with him on LinkedIn.

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