The new revenue recognition standards (Topic 606 and ASU 2018-08) are the most significant changes to GAAP in decades. Nonprofit organizations need to be aware of how these changes may impact their organization to prevent audit findings in the first years the standard is applicable. If you have exchange transactions, this session will help you understand whether these changes will impact your organization and how to update your policies and procedures for these changes. Shannon Winter, Partner at BPM, is co-presenting on this topic with Andrea Small, Senior Project Manager at Sage Intacct. The presentation will not only focus on the new standards on revenue recognition and clarification of grants and contract revenue, but also strategies to create an action plan. As this topic is being discussed at the Sage Intacct Advantage conference there will also be a focus on how current software can help in tracking and developing the necessary audit trial. The key takeaways will include developing an action plan and realizing why now is a crucial time to start understanding nonprofit revenue recognition.
Download BPM’s Revenue Recognition Guide.