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Implementation Guide
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.

Implementation Guide Cover
ARP Rural Application Deadline

PRF Phase 4 & ARP Rural Application Deadline Approaches

We have a short PRF update this week as the ARP Rural application deadline approaches. Reminder: The application portal closes at 11:59 p.m. on Tuesday, October 26. Before you can fill out and submit your application, your organization needs to validate or revalidate your TIN. HRSA says it could take up to 4 days, but […]

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Phase 4 and ARP Rural Payment Application

Phase 4 and ARP Rural Payment Application

We are two weeks away from the deadline to submit your Phase 4 and ARP Rural Payment Application. These applications are due on October 26. If you haven’t started the process yet, please do so this week. Part of the application involves validating your Tax ID Number (TIN) with the IRS, and HRSA is saying […]

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Medicaid Managed Care Organizations

Kentucky Medicaid Managed Care Organizations Changes

Pursuant to KRS 205.640 and managed care contracts, Kentucky Medicaid Managed Care Organizations (MCOs) are required to provide a Paid Claims Listings (PCLs) to all in-state hospitals. The department and each Medicaid Managed Care Organization shall supply a Paid Claims Listing (PCL) to each hospital within ninety (90) days of the last day of the […]

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