ACCOUNTING UPDATE FOR NOT-FOR-PROFIT ENTITIES: REVENUE RECOGNITION

In May 2014, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU and its subsequent amendments supersede almost all revenue recognition requirements under accounting principles generally accepted in theUnited States (U.S. GAAP), including industry-specific guidance...
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