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Washington Policy analyst, Jim Wiesemeyer, has covered elections ever since the Carter/Reagan election in 1980 when he interviewed both candidates. Since that election, he looks at key topics that help predict votes for the White House, Senate, and House contests and what the outcomes will mean for the economy and ag policy issues including farm and food, trade, energy (climate change, biofuels), and taxes.
Provide an overview of accounting and tax issues unique to the industry. Given inclusion of practioners and if that is our focus, this session would ID 8-10 accounting and tax issues that are uniquely impactful to the industry compared to others and would explain how to shift into the mindset of the cannabis CPA.
The Cannabis industry is a highly regulated state-legal system that presents challenges in all aspects of accounting. Understand typical regulatory structures, challenges, and unique issues presented by the regulatory environment as it pertains to cannabis accounting and consulting services to include seed to sale tracking systems, internal controls, and how to navigate these waters
This panel will feature practioners and accountants in industry and will give you a unique perspective on what the challenges of working in industry present. Learn why the practioners chose cannabis, what they have learned, and takeaways related to your journey into cannabis accounting
An economic outlook covering inflation, interest rates, agricultural commodity markets, input costs, and the impacts on the agricultural economy.
In this session, we will discuss the various roles, responsibilities, techniques, and biggest hurdles in supporting cannabis organizations for most verticals.
Working with a Federally illegal industry presents unique challenges. Learn about risk mitigation strategies including client acceptance best practices, ethical challenges in serving cannabis clients, insurance considerations, client disengagement procedures, and other stories from the trenches
A reliable, stable and legal workforce is essential to America’s specialty crop producers. This rings especially true for California agriculture, which accounts for a third of the nation’s vegetables and two-thirds of its fruits and nuts, as well as a diversity of other foods. This agricultural labor update will delve into the increasing pressures and costs farmers and ranchers are facing related to finding skilled and available employees.
In this session you will revisit things you wish you never skipped over in college. Learn about full absorption cost accounting, cost accounting techniques, the application of code section 471 and what challenges exist in standing up to IRS scrutiny.
In this session you will learn about technology platforms available to industry participants and those used by practioners in the cannabis industry to POS and accounting systems.
Overview of US Beef Industry. Focus on feedlots and pertinent accounting practices.
A recap of day 1--overview of the industry and the basic introduction to the challenges faced with this new industry
This tax planning session is a potpourri of tax planning topics of prevalent issues within the tax community important for ag producers and landowners. The selected topics include issues that have been discussed within the agricultural tax community for decades as well as recent developments arising out of the TCJA and pandemic legislation.
Congressman Perlmutter will give an update on his cannabis banking legislation, the SAFE Banking Act, and discuss other news of the day out of Washington D.C.
Overview of federal and state marijuana policy reform efforts and the cannabis industry. Learn what challenges and opportunities lie ahead for the country's fastest growing adult industry.
Lenders rely on financial reporting from their clients to obtain critical information about a businesses' financial solvency and the various business and industry risks they face. So it stands to reason, the most important benefit of good financial reporting to a lender is access to high quality financial information. Furthermore, the average lender does not have ongoing inside access to the day-to-day operations of a company. Instead, they rely on financial reporting to provide accurate and readily comparable information. This session will explore what lenders are looking for when they "ask for the moon" and why they want it.
Hear from a CPA practioner and understand their perspective on this unique aspect of the cannabis industry
Hear it live from three of the best and most respected lenders in the market. The panel will discuss various topics including what it means to keep the three masters they serve, the borrower, the bank and the regulators, happy! Borrowers want their money NOW and often times struggle with why lenders are either appear to be slow to respond to their loan request or keep asking for more information. The bank, on the other hand, is built on a risk reward model where the higher the borrower's business and information risk, the higher the expected return on the money they lend. Regulators expect lenders to be singularly focused on risk identification and mitigation in their loan portfolio. This session is intended to be interactive as well. So come with your questions!
Understand the funding options available to cannabis companies and typical methods of raising start-up capital
Cannabis businesses face unique challenges in obtaining typical financial services available to other industries. Hear from a series of providers to the industry and the unique nature of these aspects as they relate to the cannabis industry.
This session will focus on the existing tax court cases, an update of the tax court cases in cannabis, and the challenges from practioners and tax attorneys who navigate these murky waters. Topics such as 471c, economic enterprise structure, and the definition of trafficking will be discussed
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. * Â Â Â Â * The new standard brings leases onto the balance sheet to enable users to assess the amount, timing, and uncertainty of cash flows. Â Â Â Â * Not all leases under ASC 842 will be called a lease. Reviewing leases can be time-consuming and require significant accounting knowledge and judgment. Â Â Â Â * 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. Â Â Â Â * 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. Â Â Â Â * 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.
This session will summarize the state and federal legal and policy landscape for hemp and cannabis and will dive into the details of proposed federal cannabis regulatory frameworks and their impact on hemp on cannabis. The session will highlight the primary regulatory and policy issues for cannabis and hemp, what’s coming in 2022 legislatively and on the ballot, and unpack the various approaches to cannabis legalization. The session will provide an update on the current legal landscape for cannabis, what’s coming in 2022, and the roles of states and federal regulatory agencies.
This session will focus on the unique ways that CPAs can influence the humanization of the farm transition. You will learn how to redefine the client relationship from serving the founder to serving the family unit. Attendees will also learn to look at the farm transition through the lens of 3 systems that are responsible for the complexity of these transitions. You will also come away with crucial questions that must be confronted to not only perpetuate the farm, but also preserve the family relationships.
We've heard about the industry and the unique challenges the industry faces… now how do we get into the industry? What works?
The cannabis industry offers many unique career opportunities for those in accounting. Learn about some of these options, services provided, and opportunities from those in both industry and as practitioners in various stages of their careers.
Business sustainability announcements are made nearly every day. What may that mean for supply chains and eventually balance sheets? We will focus on a view from the food and agriculture supply chain and carbon credit markets from crop and livestock activities.
Overview, recap of the conference, the industry and plenty of Q&A
This session will recap the conference and take questions from the audience that have not already been answered