Navigating Revenue Recognition for NFPs - Part 2
Oct 21, 2020 10:00am ‐ Oct 21, 2020 10:50am
Identification: GOV2037
In this session, the presenters will take participants through examples of revenue streams common to not-for-profit organizations and discuss the impact ASC 606 (Revenue Recognition) had on the presentation and disclosure. The presenters will share best practice examples of presentation and disclosures and take participants through "tales from the trails" from organizations who have adopted the standard. They will also walk through the difference between an exchange transaction and a contribution and share and discuss examples of barriers and right of return provisions that are common in gift/grant agreements.
- Determine the reasons the GASB is taking a comprehensive look at revenue and expense recognition.
- Identify the GASB's preliminary views regarding a new approach for categorization of revenue and expense transactions.
- Distinguish how certain common transactions would be analyzed under the preliminary model.
Sampling Case Studies: How Do I Apply the Facts, Decisions and Judgments? - Part 2
Oct 21, 2020 10:00am ‐ Oct 21, 2020 10:50am
Identification: GOV2038
Sampling concepts learned in the prior single audit sampling session will be expanded to real life situations auditors may encounter on a single audit. This session will include several different case studies to provide examples on how to apply sampling concepts and work through difficult and challenging issues requiring significant auditor judgment when sampling in a single audit.
- Determine auditor considerations related to population completeness, calculations of sample sizes, and risk.
- Identify when sampling may not be appropriate for a population in a single audit.
2018 Yellow Book: Independence Focus
Oct 21, 2020 11:15am ‐ Oct 21, 2020 12:30pm
Identification: GOV2039
This session will include a summary of the key independence provisions found in the 2018 Revision of the Government Auditing Standards and related implementation considerations.
- Distinguish the significant independence requirements and related application guidance found in the 2018 Revision of the Yellow Book.
- Identify the impact the 2018 Revision of the Yellow Book will have on the performance of certain nonaudit services.
- Indicate where to obtain additional GAO and AICPA Resources.
The CFO’s Approach to Budgeting and Forecasting
Oct 21, 2020 11:15am ‐ Oct 21, 2020 12:30pm
Identification: GOV2040
Using real-life examples from CFOs with decades of experience in nonprofit finance, this session will provide practical considerations for optimizing your budgeting and forecasting processes by recognizing there is no such thing as "one size fits all."
- Identify expectation: From Board down to management, what’s important for you to ensure your process is efficient and effective?
- Recognize culture and values: How do your organization's culture and values shape your budgeting and forecasting/reporting processes?
- Indicate resource allocation: What's the right balance between investing in people and systems to lighten the budgeting load?
- Distingquish in the thick of it: What kind of challenges/difficulties can arise during the budgeting process and how can you manage them? You have an approved budget, now what?
Oh No... I have an Exception! Evaluating & Reporting Single Audit Findings
Oct 21, 2020 11:15am ‐ Oct 21, 2020 12:30pm
Identification: GOV2041
This session will explore the steps necessary to determine if a compliance exception or control deviation is a finding. We will also explore how to properly classify, report, and communicate findings in accordance with requirements. The session will also address how to modify audit strategy, when a control deviation or compliance exception exists.
- Determine how to evaluate results of internal control over compliance and compliance testing
- Analyze findings reported under Uniform Guidance and Government Auditing Standards
- Apply knowledge gained through use of case studies
Independence Considerations for a SLG: Present and Future
Oct 21, 2020 12:45pm ‐ Oct 21, 2020 1:35pm
Identification: GOV2042
The AICPA Professional Ethics Division issued the State and Local Government Client Affiliates Interpretation to provide guidance to auditors of State and Local governments in evaluating which entities are affiliates of those governments. This session will go through an overview of the revised interpretation, discuss examples of how affiliates would be evaluated using this interpretation, and introduce some tools to assist in the evaluation.
- Identify changes introduced in the revised interpretation
- Determine how the new standard impacts identified affiliates of state and local governments
- Apply new independence standards to state and local government audits
2020 Headlines - And Lessons Learned in Internal Controls and Fraud Prevention
Oct 21, 2020 12:45pm ‐ Oct 21, 2020 1:35pm
Identification: GOV2043
The risk of fraud is a serious concern and can be particularly damaging to nonprofit organizations. In this session, learn the key steps a nonprofit can take to help address the common forms of fraud occurring in nonprofits.
- Identify fraud risk factors common in the not-for-profit sector.
- Indicate steps that organizations can take to strengthen their controls.
Determining Your Major Programs
Oct 21, 2020 12:45pm ‐ Oct 21, 2020 1:35pm
Identification: GOV2044
With complex rules and auditor judgment, determining your Major Programs is no easy feat. This session will discuss how to apply the Uniform Guidance risk-based approach to major program determination. We will go over using this approach to select major programs, including the impact of the CARES Act, SEFA reporting, and other factors that impact major program determination.
- Analyze risks for Federal programs to determine which should be audited as major.
- Determine the impacts of Federal funding and SEFA reporting on major program determination.
All Things Fiduciary: GASB 84 and Beyond
Oct 21, 2020 2:00pm ‐ Oct 21, 2020 3:15pm
Identification: GOV2045
Governments are continuing to prepare for or apply the critical new GASB standard related to fiduciary activities. Now is the time to know more than just what the standard says; we need to know how to apply the standard and understand the impact on governments. In addition, since the implementation of GASB 84, much more has been issued by GASB that impacts this implementation. Come and learn about all these related standards to stay on a path toward successful implementation!
- Identify the critical components of the standard
- Apply requirements to successfully implement the GASB fiduciary standard
UBI or No UBI, That is the Question
Oct 21, 2020 2:00pm ‐ Oct 21, 2020 3:15pm
Identification: GOV2046
Interactive session where a factual revenue stream scenario will be presented and the attendees can weigh in whether they believe such scenario would lead to the reporting of unrelated business income or not.
- Identify the key exclusions/exceptions to classifying certain income as unrelated business income
- Recognize the essential importance of contemporaneous documentation
- Recall recent IRS guidance addressing unrelated business income issues