With so many accounting changes impacting nonprofits this year, now is a good time to brush up on the new accounting standards to see if they are applicable to your organization, how they might impact your accounting, and when you need to implement any changes.
Here are the three main changes and links to easy to read summary articles with resources for each:
The new Nonprofit Reporting Standard is effective now, so if your 2018 calendar year or 2018-2019 fiscal year audit is in-process or has not yet begun, you need to be ready for the changes.
The new Government Contracts and Revenue Recognition Standard is applicable to the 2019 calendar year and 2020 fiscal years.
The new Lease Accounting Standards are applicable to nonpublic entities the 2020 calendar year and 2021 fiscal years.