Young Professionals Reviewing Financials

Implementation of FASB ASU 2016-14 may go a smoother with these helpful, easy-to-use tools and resources from CLA.


CLA Resources Can Help Nonprofits Implement FASB 2016-14 Financial Reporting

  • 7/17/2017

After nearly three years of debating and waiting, it is finally time for nonprofit organizations to implement the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities.

Anyone familiar with ASU 2016-14 knows that implementation will not be quick and easy. Knowing this, CliftonLarsonAllen has prepared resources to help explain, simplify, and streamline the processes, while also helping you educate your financial statement users on what to expect.

ASU 2016-14 Nonprofit Reporting Checklist

CliftonLarsonAllen’s Presentation of Financial Statements for Not-for-Profit Entities Checklist is a clear, easy-to-follow checklist that prompts you to answer questions, create a timeline, and provide special instructions for you and others. The document can be copied and shared across your organization.

Presentation: Changes in Nonprofit Financial Statements

This PowerPoint presentation includes a detailed explanation of changes to the nonprofit reporting model and its implications for your organization.

Webinar Recording: Changes in Nonprofit Financial Statements

In this one-hour webinar, Cathy Clarke, CLA’s chief assurance officer, explores the impact of ASU 2016-14 on your financial statements as well as other new and pending FASB standards.

With early adoption permitted for future year-ends, and the final implementation deadline quickly approaching, we encourage organizations to prepare now for this transition. Our guidance and tools can help your organization with the implementation process. The implementation deadline for ASU-2016-14 is June 30, 2019 for fiscal year entities, or December 31, 2018, for calendar year entities.