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
COVID-19 Expense

COVID-19 Expense Reporting Categories

The past few weeks have continued to be slow with very little new information on the Provider Relief Fund (PRF) reporting requirements. HHS released four new FAQs on 2/24/21 surrounding COVID-19 expense reporting. The theme among these FAQs is that HHS expects PRF payments to be used for unreimbursed costs and that when claiming COVID-19 costs, […]

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Pepper Report and 5 Star Ratings

PEPPER Report and 5 Star Ratings: Why Your Long-Term Care Facility Should Care

Monitoring data in long term care can be the key to success. Five Star Ratings and PEPPER Reports are two data sources your organization needs to review to stay on top of industry changes. The Centers for Medicare & Medicaid Services (CMS) recently released revisions to the 5 Star Technical Users’ Guide, and with the […]

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Understanding the Employee Retention Credit (ERC)

Webinar: Understanding the Employee Retention Credit (ERC): What You Need To Know

You’re Invited! Join Blue & Co. on Wednesday, March 3 from 12:00 p.m. to 1:00 p.m. EST for a webinar entitled Understanding the Employee Retention Credit (ERC): What You Need To Know. In this session, you will learn more about the expansion of the Employee Retention Credit (ERC). The panelists will discuss: Explanation of the […]

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