We will discuss the lessons learned from organizations that have recently implemented the new Accounting Standards Update related to Revenue Recognition. In recent years, FASB has issued, Not-for-Profit Entities: Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made (Topic 958) and Revenue from Contracts with Customers (Topic (606). These standards represent a significant change in the accounting principles that nonprofits use to discuss and recognize revenue. Recent changes also affect virtually all nonprofit organizations regardless of their size and type. The standards that apply to all nonprofits became effective in 2019. Public companies, including some nonprofit organizations with tax-exempt debt, implemented these standards in 2018.