As a nonprofit organization, have you given any thought to how the new revenue recognition standard will impact your nonprofit? Hopefully you have. This new standard is applicable for periods beginning after December 15, 2018, which means the deadline is fast approaching to make sure your organization is ready.
How do you know if your organization is affected? If your nonprofit receives any of the following types of revenue, you may be impacted:
- Health care revenue
- Membership dues and subscriptions
Contribution revenue does not fall under the new standard, so this would not be applicable to you.
How can you get ready?
This is a pretty big change and the sooner you can get your nonprofit ready, the better. However, we know you’re busy focusing on your mission. That’s why we’ve put together a new e-Book so you don’t have to go through thousands of pages of accounting standards. It’s a simplified breakdown of the new standard with industry specific guidance as well as special topics you need to know about. It’s easy to download your copy right now.
Sharlynn Garza, CPA