FASB to Hold Meeting with Not-for-Profit Advisory Committee
As the first of two discussions this week, the Financial Accounting Standards Board (“Board”) will meet with the Not-for-Profit Advisory Committee (“the Advisory Committee”) today. Beginning at 8:30 a.m. EST, Board members plan to discuss with the Advisory Committee how to implement in the nonprofit sector Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), and the Board’s current project on financial statements of nonprofit entities. For additional information on the meeting agenda, visit the FASB website . Also visit our Nonprofits industry page for information on Cherry Bekaert’s services.
Unbilled Accounts Receivable: Real or Imagined Assets?
Unbilled accounts receivable (A/R) represents recorded revenue that has not yet been billed on a contract. There can be many different reasons for having unbilled A/R recorded on the balance sheet (B/S). Government contractors with cost reimbursable contracts tend to have greater unbilled accounts that stay on the B/S longer. The most common reasons for unbilled A/R are the following: Timing differences: These can exist due to the normal timeframe of processing employee timesheets and invoices through the accounting system. These amounts should be billed as soon as possible in accordance with contractual terms. Rate variances: These can exist when. Read More.