NEW LEASE ACCOUNTING - IT'S HERE, ARE YOU READY? [https://www.claconnect.com/ser...]The new lease standard, Financial Accounting Standards Board (FASB) ASC 842, is effective for private companies with fiscal years beginning after December 15, 2021. Begin today to evaluate the technical accounting challenges and resources needed for implementation. *     * The new standard brings leases onto the balance sheet to enable users to assess the amount, timing, and uncertainty of cash flows.     * Not all leases under ASC 842 will be called a lease. Reviewing leases can be time-consuming and require significant accounting knowledge and judgment.     * The entity should report right-of-use assets and obligations based on legal enforceability of the contract term.

This session will review the various options available to farmers on entity selection and will review how FSA payment limitations may or may not limit the entity selected.

The next lifecycle of a cannabis business often includes getting ready for the inevitable transaction. With M&A activity on the rise, learn from those who perform both buy-side and sell-side due diligence and how preparing your business for a sale helps on both sides of the transaction

This session will focus on the unique aspects of cannabis auditing and financial statements including the frequent use of IFRS, including biological assets; challenges around valuations; income and cannabis tax exposure; inventory costing and other considerations. Session will be presented from both the perspective of the external auditor and CFO.

An overview of the latest work done by the Farm Financial Standards Council (FFSC). The topics covered include: * Deferred taxes, how to calculate them along with a discussion on depreciation approaches. As well as how deferred taxes impact the value of farm assets including farmland and how this effects buy sell agreements and estate planning.     * 13 new financial ratios. After more than three years of in-depth analysis and discussions the recommended financial measures has been reduced from 21 to 13.     * Financial Guidelines for Agriculture: An Implementation Guide for Non-Accountants. This 23 page document has been updated for consistency with the Financial Guidelines. Tables and other graphics have been improved to give it a more modern look.

This session will review the current estate tax planning issues and opportunities. It will also review some of the more advanced trust options available to higher net worth farmers.

Sometimes you win, sometimes you lose. Understand your options as cannabis businesses reach certain milestones or lifestages and understand the professionals who can help guide you through these critical steps.

M&A transactions, valuations, sales, litigation… an overview of businses valuations in cannabis, related cash flow, and existing litigation cases to be aware of.

How to navigate the meaning of legal documents

Overview and recap of day 2--the typical middle stage business lifecycle of a cannabis business.