HOLY APOSTLES SOUP KITCHEN Notes to the Financial Statements
Note 10 -
Change in accounting standards (continued) ASU 2014-09: The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. This ASU, as modified by ASU 2015-14, changes the timing of recording revenue for services performed. This ASU will be effective to the Soup Kitchen in the year ending December 31, 2019. Management has not completed its assessment of the impact of this change. 36B
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ASU 2018-08: The FASB adopted ASU 2018-08 Not-for-Profit Entities. This update requires that grant funds be recorded as donations with restrictions. This ASU will be effective to the Soup Kitchen in the year ending December 31, 2020. Management estimates the effect of this change will not be material. Note 11 -
Subsequent events The Soup Kitchen’s management has determined that no material events or transactions occurred subsequent to December 31, 2018 and through June 21, 2019, the date of the Soup Kitchen's financial statement issuance, which require additional disclosure in the Soup Kitchen’s financial statements. 39B
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