Download FASB ASU 2016-14 Nonprofit Financial Reporting Checklist
Change is on the horizon for nonprofits in the form of the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities. Released in August 2016, ASU 2016-14 will result in significant changes to financial reporting and disclosures, leaving some wondering how to begin revamping their processes, procedures, and fundamental approach to financial reporting.
CliftonLarsonAllen’s Presentation of Financial Statements for Not-for-Profit Entities Checklist offers resources to explain, simplify, and streamline the steps your organization needs to take to meet the implementation deadline of June 30, 2019 for fiscal year entities, or December 31, 2018, for calendar year entities. In a clear, easy-to-follow checklist format you are prompted to answer questions, create a timeline, and provide special instructions for yourself and others. The document can be copied and shared across your organization.
Presentation of Financial Statements for Not-for-Profit Entities:
Download Checklist Now
Detailed checklist sections cover:
- General implementation guidelines
- Net assets and endowments
- Underwater endowment funds
- Reporting of expenses by nature and function
- Investment return
- Measure of operations
- Statement of cash flows
Linked within each section are glossary terms and multiple examples of a statement of financial position, statement of activities, functional expenses, liquidity disclosures, and net assets and endowment disclosures.
How we can help
With early adoption of the new standards permitted for future year-ends, and the final implementation deadline quickly approaching, we encourage you to begin preparing your organization now for this important transition. CLA professionals are ready to help guide you through all aspects of implementing ASU 2016-14.