Revenue recognition implementation is upon us: sample footnote and board communication
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Revenue recognition implementation is upon us: sample footnote and board communication

1 year ago · 3 min read

SECTION

EXCLUSIVE

Revenue recognition change is here, and most not-for-profit entities (NFPs) will be affected. NFPs that qualify as public entities have already implemented the new revenue recognition accounting standard. All others are implementing now, or within less than a year. Note: In June 2020, FASB issued ASU No. 2020-05 Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842), Effective Dates for Certain Entities, which delays the effective date of the new revenue recognition guidance for nonpublic NFPs that have

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