Course Description: Not-for-Profits must prepare to adopt and implement two new revenue recognition standards, not just the one that's been receiving most of the attention over the past few years—FASB Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606)—issued in 2014.
FASB is working to finalize and issue proposed ASU 2017-270, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (Topic 958-605). Because most NFPs engage in both contribution and exchange transactions, both new standards will affect how they record and report revenue.
-Identify effective dates for each new standard
-Distinguish contributions from exchange transactions
-Evaluate conditional vs unconditional contributions
-Apply the core principles for revenue recognition
Your organization is likely preparing to adopt or in the process of adopting the Accounting Standards Update 2016-14 (the ASU) and its important you understand the impact the ASU will have on how financial information is reported in the Form 990.
The U.S. Supreme Court has opened the door for states to collect sales taxes on most internet sales and in its 5-4 Wayfair decision the Court ruled in favor of South Dakota’s law requiring certain internet sellers with no physical presence in the…
The new tax reform legislation made some changes that, if handled properly, will provide an opportunity to save, or defer, taxes, creating positive cash flow through the management of taxable income levels.
Congress has passed the largest and most comprehensive tax reform legislation in the past 30 years and businesses and dealerships are trying to figure out the tax implications and what this means for them in their current situation and moving…