An overview of upcoming financial reporting and revenue recognition issues on the horizon for nonprofit organizations

The first presentation addresses accounting guidance impacting the way nonprofits present their financial information. The resulting changes will require nonprofits and their financial teams to revisit their current operational measures and reporting procedures.

This presentation will focus on accounting guidance clarifying the scope of recognition of grants and contracts. The guidance released by the FASB in June (ASU 2018-08) aims to resolve diversity applied in accounting for grants. The amendments are expected to shift many grants from an exchange transaction to a nonexchange recognition. The new guidance also clarifies the related expense recognition by grant makers and donors.