GASB Leases Part 2: How to Apply it

Oct 29, 2019 12:10pm ‐ Oct 29, 2019 1:50pm

Identification: GOV1932

This session builds on GASB Leases Part 1 by illustrating how to apply the concepts to real world leases. This is an application focused session to get you ready for implementation in 2020. Using examples, this session will highlight the nuances of the standard and how different contract terms can change the accounting.

Learning Objectives:

  1. Recall accounting treatment under the leases guidance.
  2. Analyze contracts as leases.
  3. Calculate lease liabilities and assets.
  4. Identify potential implementation issues.

Implementation of ASU 2018-08 Accounting for Grants & Contracts (Repeated in GOV1945)

Oct 29, 2019 12:10pm ‐ Oct 29, 2019 1:50pm

Identification: GOV1933

This session will help attendees prepare for upcoming changes, with a deep dive into ASU 2018-08. It will provide a detailed walkthrough of categorizing grants/contacts as either exchange transactions (contracts with customers under 606) or contributions (non-exchange transactions), as well as then determining when a contribution transaction is conditional or unconditional. The session will also include several examples and implementation guidance for organizations to prepare for and manage the impacts to their financial statements.

Learning Objectives:

  1. Describe new standards’ requirements and determine applicability to financial reporting.
  2. Implement the guidance in your organization, including the finance team and departments that solicit various forms of revenue.
  3. Prepare for the impact to internal policies and communication with financial statement users.

Approaching Accounting & Auditing Estimates

Oct 29, 2019 12:10pm ‐ Oct 29, 2019 1:50pm

Identification: GOV1934

This session will cover the areas in nonprofit and governmental accounting that require significant estimates. During this session, we will cover the preparer and auditing perspective including:

  • Discounts on long-term receivables including pledge receivables
  • Collectability and allowances on receivables
  • Valuation and impairment of investments
  • Deferred revenue, liabilities and swaps
  • Allocations of expenditures
  • Useful lives and impairment of long-lived assets
  • Donated goods and services
  • Pension obligations
  • Asset retirement obligations
  • Split-interest agreements

Learning Objectives:

  1. Reconstruct the estimates listed in the session description.
  2. Evaluate the audit and accounting implications of misjudging estimates.
  3. Interpret an estimate and correctly audit.

Internal Control Over Compliance: Application

Oct 29, 2019 12:10pm ‐ Oct 29, 2019 1:50pm

Identification: GOV1935

Building on the concepts learned in Session 31, this session will focus on the process of identifying effective internal control over compliance and how the auditor decides whether a control is designed and implemented effectively.

Learning objectives:

  1. Identify control objectives for each compliance requirement.
  2. Analyze compliance processes and controls within processes.
  3. Recognize risks within processes ("what can go wrong" risks).
  4. Determine whether controls have been placed into operation and are operating effectively.
  5. Provide examples of each of the components of internal controls. 
  6. Apply theory to various case scenarios.

Uniform Guidance from a Regulator Perspective

Oct 29, 2019 2:10pm ‐ Oct 29, 2019 3:50pm

Identification: GOV1938

Federal agencies regularly review single audits to ensure that the audits are of a high quality and can be relied on as part of an effective awardee monitoring program. This session will provide a regulator's viewpoint on quality control and desk reviews and common trends that are found. Attendees will gain best practices for auditors that are being reviewed by a federal agency.

Learning objectives:

  1. Identify common quality issues in single audits.
  2. Distinguish best practices for handling a federal review.

Evaluating & Reporting Findings in a Single Audit

Oct 29, 2019 2:10pm ‐ Oct 29, 2019 3:50pm

Identification: GOV1939

This session will explore the steps necessary to take to determine if an exception is a finding. We will also explore how to properly classify, report, and communicate findings  in accordance with the regulatory requirements.

The  session will cover:

  • An update on evaluating and reporting audit findings;
  • How, and if, to modify the audit strategy if finding is identified;
  • The required reporting elements of a findings under GAGAS and the Uniform Guidance.

Learning Objectives:

  1. Provide knowledge on how to analyze findings reported under Uniform Guidance and Government Auditing Standards.
  2. Provide various walkthrough examples using auditor judgement in case studies.
  3. Apply provided guidance to evaluate results of internal control over compliance and compliance testing.
  4. Apply the reporting requirements of a single audit.
  5. Analyze case studies to evaluate and report findings in a single audit.

CAFR Goofs

Oct 30, 2019 6:30am ‐ Oct 30, 2019 7:20am

Identification: GOV1940

This session will focus on certain misunderstood and perhaps overlooked elements of the GASB reporting requirements. Learn about some of the nuances of the GASB standards and take away some tips for better CAFR preparation!

Learning Objectives:

  1. Identify the most common errors found in SLG financial statements.
  2. Analyze the root causes of errors.
  3. Determine how to avoid pitfalls.

How to Navigate Cryptocurrency & Blockchain

Oct 30, 2019 6:30am ‐ Oct 30, 2019 7:20am

Identification: GOV1942

This session will provide a background on cryptocurrency and blockchain, how they are different and what the common use cases are for the technology. Additionally, you'll learn the steps a non-profit will have to go through to accept a bitcoin donation as well as long term security of cryptocurrency.

Learning Objectives:

  1. Identify the key concepts of blockchain and cryptocurrency.
  2. Differentiate between different blockchain use cases.
  3. Apply controls to accept and protect cryptocurrency in the non-profit space.

Tips for Planning to Achieve an Efficient Single Audit (Repeated in GOV1955)

Oct 30, 2019 6:30am ‐ Oct 30, 2019 7:20am

Identification: GOV1943

We all strive for effective Single Audits. Join us to discuss how effective and efficient Single Audits can go hand in hand.

Learning Objectives:

  1. 1Apply lessons learned from last year's audit.
  2. Understand how to optimize engagement team structure.
  3. Anticipate changes in regulations in planning.

Implementation of ASU 2018-08 Accounting for Grants & Contracts (Repeat of GOV1933)

Oct 30, 2019 7:30am ‐ Oct 30, 2019 9:10am

Identification: GOV1945

This session will help attendees prepare for upcoming changes, with a deep dive into ASU 2018-08. It will provide a detailed walkthrough of categorizing grants/contacts as either exchange transactions (contracts with customers under 606) or contributions (non-exchange transactions), as well as then determining when a contribution transaction is conditional or unconditional. The session will also include several examples and implementation guidance for organizations to prepare for and manage the impacts to their financial statements.

Learning Objectives:

  1. Describe new standards’ requirements and determine applicability to financial reporting.
  2. Implement the guidance in your organization, including the finance team and departments that solicit various forms of revenue.
  3. Prepare for the impact to internal policies and communication with financial statement users.