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