ASC 606 Nonprofit Revenue Recognition Rules for Exchange Transactions
The Charity CFO
AUGUST 30, 2022
All US businesses, for-profit and nonprofit, were subject to new revenue recognition standards starting by 2019. These new standards are detailed in ASC 606 and impact all companies that contract with customers to transfer goods or services. For a more in-depth discussion of ASC 606, please see FASB Accounting Standards Update.
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