Nov 1, 2017, 1:20 PM
(from Accounting Today) When Topic 606, FASB's new revenue recognition standard, takes effect for public companies next year, some nonprofits may also be affected — even though the new rule technically doesn't affect them until 2019. Topic 606 covers "revenue from contracts with customers." Many nonprofits operate bookstores and restaurants, so they could be earning revenue that may qualify for treatment under the new standard. Further complicating revenue recognition for nonprofits are FASB's recently proposed guideines to standardize when grants are classified as exchanges.
Listen to the latest episode of the Net Assets podcast.
