In the new year, there will be mandatory implementation* of FASB's new not-for-profit financial reporting standard, ASU 2016-14. Depend on Eide Bailly for a smooth and successful implementation for your organization.
Implementing the new standard can be daunting, diverting time and attention away from the mission-critical activities that keep your organization moving forward. Stay on course, and let us guide you through the entire adoption, conversion, and implementation process with our new Eide Bailly ASU 2016-14 Implementation Solution.
Eide Bailly's mastery of the new standard and our experience from serving 2,000 nonprofit organizations will help ensure your success. We’ll lead your board of directors, management, and financial team through a thorough and efficient process so you cross the finish line ahead of the pack. We have the comprehensive solution you need and can offer either complete turnkey support or a tailored solution where you chose the options you need most.
What's included in Eide Bailly's ASU Solution?
We can take the worry and stress out of your implementation of the new standard with our ASU Solution.
Here’s what we can provide for you:
- Expert guidance and coordination of the entire adoption, conversion, and implementation process
- A “refresh” of your chart of accounts and financial statement report groupings to capture the information you need to conform to the new financial statement reporting requirements so you can achieve clearer, more meaningful financial statement presentation and note disclosures
- Advice about developing customized policies for the management of board designations of net assets, liquidity positions and liquidity management strategies, and the continuation or suspension of distributions from underwater endowments’
- A top-to-bottom review of the metrics and methods you use to allocate expenses by nature and function to ensure compliance with the expanded guidance provided in the new standard
- Provide help in determining the computation of required and often difficult to determine liquidity measurements by identifying all financial assets, some of which may not be obvious, and determining the portions of each available for expenditure within one year of the balance sheet date
- Determination of the required restatements of prior year financial statement and footnote information for those provisions of the new standard that must be applied retroactively
- Assistance in drafting all newly required footnote disclosures and revisions to existing footnotes
- Pro forma conversion of your most recent audited financial statements and footnotes under the new standard, including an educational presentation to your board of directors
For more information on the many ways we can help you, call or email your Eide Bailly service provider today.
*The standard takes effect for all not-for-profits with a Dec. 31, 2018, year end. Fiscal year-end entities must implement the standard for years ending in 2019.