Sisterson Blog

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Implementing the New Accounting Rules for Leases

Implementing the New Accounting Rules for Leases

Private companies must adopt the new lease accounting standard starting in 2022. This article includes important information that companies should be aware of as they update their processes and systems to reflect the changes.

When you have substantial doubts about the future of your nonprofit

When you have substantial doubts about the future of your nonprofit

GAAP require not-for-profits to regularly evaluate whether there is substantial doubt about their ability to continue as a going concern. This means that the organization won't soon liquidate its assets and cease operations. What does your management team do if it determines substantial dou

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Best Practices for Audit Committees

Best Practices for Audit Committees

In January 2019, the board of the International Organization of Securities Commissions published a report intended to promote audit quality. It outlines best practices for audit committees.

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Divide and conquer: How joint cost allocating works

Divide and conquer: How joint cost allocating works

In many cases, your nonprofit is allowed to allocate costs between fundraising and other functions as long as you meet three joint activities criteria. What are they?

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Four Financial Warnings Signs for Nonprofit Organizations

Four Financial Warnings Signs for Nonprofit Organizations

Most nonprofits experience the occasional financial misstep or budget shortfall. But if your board members observe multiple or chronic issues like these, they have a responsibility to step in and do everything in their power to address them.

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Revenue Recognition Contracts: Part 4

Revenue Recognition Contracts: Part 4

This article addresses steps 4 and 5 of the new revenue recognition model: allocation of the transaction price to performance obligations and recognizing revenue when, or as, performance obligations are satisfied.

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Revenue Recognition Contracts: Part 3

Revenue Recognition Contracts: Part 3

This step of the revenue standard addresses the determination of the transaction price in a contract arrangement. Topic 606 defines the transaction price as "the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer."

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Revenue Recognition Contracts: Part 2

Revenue Recognition Contracts: Part 2

In this article we dive deeper into steps 1 and 2 of the Accounting Standards Update (ASU) No. 2014-09 Revenue from Contracts with Customers: identify the contract with a customer and identify the separate performance obligations in the contract.

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