AICPA & CIMA

2020…what a year it has been, with the impact of COVID-19 being at the forefront! This panel discussion will focus on the various types of impacts and challenges that COVID-19 has presented for governmental entities and not-for-profit organizations – lost revenue, increased expenses, new types of federal grant compliance, payroll tax issues, PPP loans, financial reporting, etc. While the impact of COVID-19 will make its way into many of the conference sessions, this opening panel will facilitate an interactive discussion on the nature of risks, challenges and opportunities, including the opportunity for participants to ask questions and submit examples.

Learning Objectives:

1. Identify the challenges, best practices and updates impacting the government and not-for-profit industries as a result of the COVID-19 pandemic.
2. Distinguish COVID-related financial reporting considerations, as well as FASB, GASB and Uniform Guidance updates that will impact your government/organization.

Category: General Session Online

COVID-19 Current Updates - Part 2

Oct 19, 2020 11:10am ‐ Oct 19, 2020 12:00pm

Identification: GOV2002

Learning Objectives:

1. Identify the challenges, best practices and updates impacting the government and not-for-profit industries as a result of the COVID-19 pandemic.
2. Distinguish COVID-related financial reporting considerations, as well as FASB, GASB and Uniform Guidance updates that will impact your government/organization.

Category: General Session Online

What is Happening with the GASB's Financial Reporting Model

Oct 19, 2020 12:30pm ‐ Oct 19, 2020 1:45pm

Identification: GOV2003

The GASB continues to march on with their proposed revisions to the state and local government financial reporting model. Although the proposed revisions in this model are far less imposing than the last switch to a new financial reporting model (remember GASB 34?), there are still a number of changes that will require consideration by practitioners and stakeholders alike. This session will take a look at the most significant changes in the proposed new reporting model project, highlighting those that may require the most implementation efforts.

Learning Objectives:

Identify proposed changes in state and local government financial reporting
Determine the most significant implementation challenges they will face
Analyze any alternatives available to participants to imprement or influence the future of governmental reporting

Single Audit Update

Oct 19, 2020 12:30pm ‐ Oct 19, 2020 1:45pm

Identification: GOV2005

2020 and 2021 single audits will likely be the most challenging you have experienced in many years. This is primarily due to the COVID-19 pandemic and the related significant influx of federal funds. This session will bring you up to date on the following: Key changes made in the Supplement; COVID-19 implications; the updated Uniform Guidance regulation, and other single audit developments.

Learning Objectives:

Distinguish key developments in single audits
Recognize how COVID-19 funding impacts your audits
Identify Uniform Guidance revisions

Strategies to Good Governance

Oct 19, 2020 2:10pm ‐ Oct 19, 2020 3:25pm

Identification: GOV2007

In this session we will discuss key strategies to cultivating a board that understands it's fiduciary roles and responsibilities and is actively engaged in the overall success of your organization.

Learning Objectives:

Identify strategies to improve board engagement and effectiveness
Recognize the life cycle of a board
Indicate best practices in nonprofit board governance

Smart Succession Planning

Oct 19, 2020 3:40pm ‐ Oct 19, 2020 4:30pm

Identification: GOV2009

Succession planning isn't a new topic for CPA firms. For years, the health and longevity of firms is driven by how well they execute on their succession plans. What is new, however, is how firm's effectively plan for succession in a pandemic and post-pandemic world. During this session, we will discuss how to create smart succession plans in this current environment to prepare for the unexpected and the inevitable.

Learning Objectives:

Assess the basics of a good succession plan
Predict succession areas to address in a crisis/post-pandemic environment
Evaluate unique ideas to begin implementing now to strengthen your firm's succession
Interpret the ongoing process of maintaining a succession plan

Complex/Strange NFP Accounting Issues

Oct 19, 2020 3:40pm ‐ Oct 19, 2020 4:30pm

Identification: GOV2010

Don't miss this informative session on complex, odd and strange accounting issues faced by not-for-profit organizations. Accounting professionals will focus on types of transactions that require extensive research and professional judgment where authoritative guidance requires interpretation.

Learning Objectives:

Identify complex, odd and strange transactions
Apply walk-through of examples faced by not-for-profit organizations
Identify practical ways to reach and document sound decisions and conclusions

Procurement Under the Uniform Guidance: Revised Requirements, Questions/Guidance & Auditing

Oct 19, 2020 3:40pm ‐ Oct 19, 2020 4:30pm

Identification: GOV2011

Procurement is a challenging area of Federal grant compliance resulting in a large number of Single Audit findings and continues to be an area with many questions from both grantees, as well as, auditors. In this session, we will cover recent updates to the Procurement requirements, common Procurement questions and practical tips on how to address these challenges and auditing Procurement, Suspension and Debarment.

Learning Objectives:

Identify common Procurement questions and challenges for both grantees and auditors
Analyze the most updated procurement thresholds and regulations
Apply practical examples of how grantees and auditors have addressed Procurement challenges

Leases: Preparing for the Single Model (Theory) - Part 1

Oct 20, 2020 9:00am ‐ Oct 20, 2020 9:50am

Identification: GOV2012

GASB Statement 87 changes the recognition and measurement model used for reporting lease liabilities (lessees) and lease receivable (lessors). This session will highlight the requirements in Statement 87.

Learning Objectives:

Distinguish what types of contracts meet the definition of a lease and the types of contracts that do not.
Recognize the lease term and its importance when calculating a lease liability or lease receivable.
Estimate completeness of lease contracts and applying materiality to leases.

Common Errors and Deficiencies in NFP Reporting - Part 1

Oct 20, 2020 9:00am ‐ Oct 20, 2020 9:50am

Identification: GOV2013

In this session, we will review the top 5 categories of common financial reporting and disclosure errors:

•Revenue Recognition

•Net Asset Classification

•Financial Statement Presentation

•Disclosure Errors

•Miscellaneous

Learning Objectives:

Identify the most common errors found in not-for-profit financial statements
Determine the impact errors could have on not-for-profit financial statements
Identify how to avoid errors in not-for-profit financial reporting

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