Date/Time
June 5, 2025
8:30 am - 10:30 am
(Eastern Standard Time)
Despite there being minimal changes to the audit standards around revenue within the last couple audit periods, revenue recognition remains a mystery to many and is still a complex and high risk area for many nonprofits. Without proper education and knowledge, nonprofits risk misstating their financial activity.
During this session, we will review the various rules around revenue recognition (covering both exchange transactions under ASC 606 and contributions rules from ASU 2018-08). We will discuss the various reporting requirements and revenue recognition guidance, and also discuss how you can be educating your teams internally to determine that they have all the necessary knowledge to correctly assess and determine treatment for revenue items. We will also go over some common errors we have seen in audits from recent reporting periods.
Also, following the recent changes to ASC 326, we will review GAAP rules around estimating and recording allowances for uncollectible amounts related to both of these revenue sources.
Guest Speakers:
Paul Ballasy
Partner
CohnReznick
&
Rebecca Lyman
Director
CohnReznick
Location
CohnReznick