SCACPA is thrilled to once again welcome Jennifer Louis, President of Emergent Solutions Group LLC, one of SCACPA’s most popular speakers, to this year’s Spring Splash.
When choosing your Spring Splash sessions, consider Jennifer’s topics. To help you decide, she provided the following teasers!
Private Company GAAP Alternatives
In the spirit of ensuring cost-benefit in GAAP requirements, the FASB has embedded may simplifications and practical expedients available to nonpublic entities. Some alternatives are only available to nonpublic business entities, while others are available to nonprofits as well. Any entity must thoughtfully choose accounting policy elections to avoid unnecessary financial reporting burdens, while still ensuring fairly presented financial statements. This topic will address a variety of GAAP simplification alternatives in the areas of interest rate swaps, goodwill subsequent measurement, lease terms, and more.
Avoiding Professional Liability Risk
The vast number of public accountants provide services other than audits to clients. These nonaudit services still pose quality control and professional liability exposure. This topic will provide a variety of tips and best practices for managing risks related particularly associated with the nonattest services of bookkeeping and preparing financial statements. For example, establishing an understanding of the scope and inherent limitations of any nonaudit service to close any expectation gap.
Answering the FAQ About Revenue Recognition for Nonprofits
Given that nonprofits have both exchange and non-exchange transactions to account for, revenue recognition can be especially complex and confusing. Keeping in mind that the ultimate goal should be the preparation and fair presentation of financial statements, there are many aspects that require professional judgment to determine the proper treatment of many transactions and events. For example, fair valuing nonfinancial gifts, determining when a contribution is conditional and should result in deferred revenue recognition, and more!”
Enterprise-Wide Risk Management in Nonprofits
Nonprofits have a variety of risks that must be identified, evaluated, and managed. Accounting and financial reporting can perform a particularly important role in helping management and those charged with governance make better informed judgments in the face of uncertainty. This topic will address tips and best practices to embed in day-to-day actions to support a sound enterprise-wide risk management strategy. For example, identifying the value of intangible assets, analyzing the financial impact of operational decisions, and more. The ERM framework from COSO is also discussed as a valuable resource for satisfying stewardship of a nonprofit’s resources.
Secure your spot at this year’s Spring Splash Accounting Conference Spring Splash (May 16-17) to explore the full schedule of events and speakers. Sessions fill up quickly, so register early to ensure access to your preferences. We look forward to welcoming you to Greenville in May!
