It's a whole new world with a new interesting point of view to audit revenue. Let us take you standard by standard to understand how the new revenue recognition guidance affects nonprofits. This session will focus on key aspects of auditing revenue in the context of new accounting standards related to revenue, including identification of key risk areas, best practices, and testing strategies. This presentation will review ASC 606 and ASU 2018-08 and share practical tools and tips on auditing transactions and the new presentation and disclosure requirements.
Understand the requirements of FASB's Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made, and ASC 606
Apply the recognition and measurement requirements for revenue transactions in the audit process.
Identify presentation and disclosure requirements for revenue transactions under the new revenue recognition standards.