How to Value Donated Tangible Property
It is important for nonprofits to determine the fair market value of donated items for financial reporting purposes.
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.