Collective Impact Projects Benefit Nonprofit Organizations
Your nonprofit doesn’t have to tackle big, complicated social challenges alone. Collective impact initiatives bring charities, businesses, and communities together. Here’s how.
Revenue recognition is often the most critical accounting policy for an organization to assess and report. At Lumsden McCormick, we understand that many organizations need assistance to determine the impact new standards and legislation have on the revenue process. We will work closely with management to ensure modifications to existing policies are identified, including any impact to process documentation, supporting technology applications, or tax planning.
To truly adopt the new revenue recognition accounting standard, many departments within an organization must work together to share information and understand how it may impact the revenue recognition process. It is critical to identify relevant internal stakeholders and implement a process by which information is shared and interpreted. This will ensure supporting documentation properly reflects the form of the transaction.
Lumsden McCormick Can Help
You don’t have to address these changes alone. Count on our accessible and knowledgeable professionals to help you make a smooth transition to the new revenue recognition accounting standard. Our considerable industry expertise means we can work with you to explain adjustments that should be considered for your organization.
For more information about revenue recognition accounting services from Lumsden McCormick, contact Douglas Muth or complete the form below.
The executive branch is looking to increase revenue for the IRS. Translation: expect to see an increase in the number of IRS audits being performed, including industries not traditionally targeted.Learn More
The accounting for leases is changing significantly. The required implementation of FASB ASC 842 will mandate that most leases are included on the balance sheet as a right-of-use asset, with a corresponding lease liability. The new standard will impact nearly all commercial businesses and nonprofit organizations and is effective for annual reporting periods beginning after December 15, 2021.Learn More