Not-for-Profit Essentials: The New Revenue Recognition Standard [White Paper]
April 13, 2016 - By: SC&H Group
Key Information to Prepare for Implementation
In the ever-changing world of not-for-profit accounting, preparation is critical for any new standard that impacts financial statements, information systems, controls, and processes.
Such is the case with Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which will require substantial effort from entities with customer contracts.
However, despite the new standard’s significance, most not-for-profit organizations are lagging well behind in their preparation, having neither assessed its effects nor developed a clear implementation plan.
In this white paper, we explore the areas key to preparing your organization for implementation, including the standard’s timing, intentions, potential impact, and five-step recognition process, as well as seven steps to being fully prepared.
Download now to learn more.