ASU 2016-14 Presentation of Financial Statements for Not-for-Profit Entities
After years of debating and waiting, it is time for not-for-profit organizations to begin implementing the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-For-Profit Entities.
What’s in the Guide
We know there are a number of issues in this standard for you to consider, and implementation may not be quick and easy. We are here to guide you through this process. This guide is the first step in simplifying the new standard for your organization.
Throughout this guide, we provide a comprehensive look at the standard, organized by key sections. These sections include:
- relevant definitions,
- a comparison of current requirements compared to new requirements,
- context for the reasoning behind the changes,
- examples of implementation,
- and action items to consider for management and your governing boards.
Not all of these changes will apply to your organization, but some sections will apply to every organization. We encourage you to begin transition steps now to prepare your organization for these important changes. This guide is a tool that can be copied and shared throughout your organization as you develop an implementation plan and work to update your financial statements.
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