Non-profit organizations often face confusion on the proper accounting treatment for revenues received in advance of costs being incurred. The FASB recently released proposed standards that will hopefully eliminate some of this uncertainty by providing a more robust framework to evaluate transactions.
In this article published August 3rd, Ken Tysiac of Journal Of Accountancy breaks-down FASB’s proposed changes.
To read the article, please visit FASB proposes changes to grant and contribution accounting on the Journal Of Accountancy’s website.
Michael A. Strauss, CPA, is a director in the Audit, Accounting and Consulting Department and a leader of the Not-For-Profit Services Group at Ellin & Tucker in Baltimore, Md. Michael brings to the table nearly two decades of expertise in providing management advisory, financial reporting, tax and other professional services to his not-for-profit and private foundation clients. He can be reached at firstname.lastname@example.org.