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ASC 606 & Revenue Recognition Update for Nonprofits

Romy Andrews - Sunday, January 07, 2018

Is Your Nonprofit Ready for ASC 606?

The transition to ASC 606 for nonprofits is here for some and looms on the horizon for others. Are you ready? Can your accounting software handle the new revenue recognition requirements?

For nonprofits to be fully prepared, it's important to know the following, as covered in this blog:

  • Effective dates
  • Understanding new revenue recognition rules
  • Determining if you have the right accounting software to handle revenue recognition requirements
 

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Is Your Nonprofit Ready for ASC 606?

Kim Anselmo - Wednesday, August 31, 2016

Is Your Nonprofit Ready for ASC 606?

If you're confused about Accounting Standards Codification (ASC) 606: Revenue from Contracts with Customers, you're not alone.

The effective date of the new revenue standard has been deferred until December 15, 2017 for non-public entities, but that still doesn't leave nonprofits with much time to prepare.

Here's some background and what we recommend.

 

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