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.
The 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.