Year-End Audit Update Series

We are offering this Year-End Audit Update* as a series of three virtual sessions. Please join us for any (or all) of the below.

*Topics based on effective dates for non-public entities financial statements.

Topic: Accounting Standards Effective for 2020 and PPP Accounting

Monday, November 2, 2020 | 11 a.m. – 1 p.m. CST

One constant in accounting is change. The Financial Standards Accounting Board (FASB) is continually working with financial statement users and other stakeholders to improve accounting and financial reporting. Each year, the FASB issues new Accounting Standards Updates (ASU) to accomplish this goal.

It’s important that entities maintain an awareness of what’s new, what’s effective now and what’s on the horizon to ensure their accounting and financial statements continue to comply with GAAP.  This session covers all ASUs effective for  December 31, 2020, financial statements of nonpublic entities, as well as accounting issues related to the Paycheck Protection Program.

Topics covered:

• Paycheck Protection Program. In the ever-changing environment of government assistance and regulation, change is the one constant. The Payroll Protection Program (PPP) loans and their forgiveness are no exception. More resources from the accounting profession have been published that clarify interpretations for the proper accounting for PPP loan forgiveness.
• ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU includes significant disclosure changes for Level 3 investments. Other changes relate to disclosures for transfers between Level 1 and Level 2 investments and investments in certain entities that calculate net asset value.
• Revenue from Contracts with Customers (ASC Topic 606). To support and assist stakeholders coping with the effects of COVID-19, FASB further delayed the effective date of ASC Topic 606 with the issuance of ASU 2020-05. Entities that have not yet adopted ASC 606 can elect to adopt the revenue recognition standard for annual reporting periods beginning after December 15, 2019 and for interim reporting periods beginning after December 15, 2020.
• Various other ASUs covering topics that include accounting guidance for: Not-For-Profit entities contributions received and contributions made, Related Party Guidance for Variable Interest Entities, and much more.

Learning Objectives:

• Review updates from the Financial Standards Accounting Board effective for 2020 for December 31, 2020, financial statements for nonpublic entities.
• Discuss impacts of these changes to standard accounting practices.
• Determine new processes to adapt to these changes.

Presenters:

Kristin O’Connor, CPA, National Assurance Sr Manager
Kristin joined the firm in 2012, she primarily provides services to health care entities. Kristin works with organizations on understanding the impact of accounting changes and disclosure requirements and assists clients on financial statement analysis. Kristin plans, performs and supervises financial statement audits as well as provides Uniform Guidance to health care and nonprofit organizations which receive federal funds.

Scot Phillips, CPA, Partner
Scot joined the firm in 2002 and is a highly experienced public accountant, serving privately held companies, employee benefit plans, governmental entities and nonprofit organizations. His work includes audits, reviews and compilations of financial statements, interpretations of financial information and assistance with acquisitions. Scot is a recognized leader in his field, as well as in his community, participating in many local business and professional associations.

Kellen Garrison, CPA, National Assurance Sr Manager
Kellen has over eight years of public accounting experience providing audit, accounting and consulting services to our commercial, healthcare system, electric utility and telecommunication clients. He conducts financial statement audits and related services to clients with a broad range of revenues and assets. Kellen provides expertise to his clients on technical accounting issues and best practices, both during the audit process and throughout the year.

Topic: Accounting Standards Updates on the Horizon (2021 and Beyond)

Wednesday, November 11, 2020 |  1 – 3 p.m. CST

One constant in accounting is change. The Financial Standards Accounting Board (FASB) is continually working with financial statement users and other stakeholders to improve accounting and financial reporting. Each year, the FASB issues new Accounting Standards Updates (ASU) to accomplish this goal.

It’s important that entities maintain an awareness of what’s new, what’s effective now and what’s on the horizon to ensure their accounting and financial statements continue to comply with GAAP. This session covers ASUs effective for December 31, 2021, financial statements of nonpublic companies as well as ASUs effective in the upcoming years to help you start preparing.

Topics covered:

• ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. While the ASU will have a significant effect on financial institutions, its affects will also reach non-financial institutions, as most businesses have certain financial instruments (including trade receivables) that are included in the scope of the update. The ASU shifts away from current GAAP of waiting until credit losses are probable to a model based on expected losses.
• There are also several updates that will be applicable to several entities and industries, including ASUs related to intangible assets, derivatives and hedging, pensions and income taxes.

Learning Objectives

• Review upcoming ASUs relating to credit losses, derivatives and hedging, intangible assets and more.
• Discuss impacts of these changes to standard accounting practices.
• Determine new processes to adapt to these changes.

Presenters:

Ann M. Glenz, CPA, Partner
Since 2004, Ann has been providing public accounting services to a variety of clients, including SEC registrants, manufacturers, general commercial entities, investment companies and nonprofit organizations. Ann not only assists in developing policies, procedures and improvements firmwide, she puts her knowledge to work in researching and proposing guidance that addresses issues throughout the firm.

Marilyn Brindle, CPA, Partner
Marilyn has approximately twenty-five years' experience in accounting and auditing, which includes sixteen years in public accounting and nine years of management level experience with a governmental entity. She was the Quality Control Partner for her previous firm, where she was responsible for coordinating the quality control activities within the firm.

Kristin Cornell, CPA, Partner
Kristin provides audit and other assurance services to a variety of clients, primarily in the commercial, dealership, nonprofit and employee benefit plan spaces. Kristin specializes in employee benefit plan (EBP) audits and serves on the firm's EBP technical issues committee. She has experience with engagements for large, multi-location corporations and serves the firm's National Assurance Office, providing engagement quality reviews, consultations, training, standards interpretation and more.

Topic: Leases

Wednesday, December 9, 2020 | 1 – 3 p.m. CST

The Financial Accounting Standards Board issued Accounting Standards Update 2016-02, Leases, in February of 2016, and the provisions of this update are coming into effect soon. Additionally, new transition options (ASU 2018-11) were issued in July of 2018. These new standards provide significant changes for leases that can be complicated depending on the complexity of the lease terms. It’s important to understand the potential impact the standards could have on your organization for both financial reporting and tax purposes.

Learning Objectives

• Discuss Accounting Standards Updates for Leases.
• Outline ways your organization can start implementing.
• Identify the potential impact on your organization and the importance of beginning early.

Presenters:

Matt Neir, CPA, National Assurance Sr Manager
Matt has been with Eide Bailly for over 9 years. He provides accounting and assurance services to manufacturers, distributors, utilities, and nonprofit organizations. He spends much of his time planning, performing and supervising financial statement audits for organizations with net revenues ranging from $10 million to $500 million. Matt is knowledgeable in both U.S. Generally Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), Public Company Accounting Oversight Board (PCAOB) and Securities and Exchange Commission Standards (SEC). He performs financial analysis to assess the reasonableness of significant estimate areas and uses this analysis to help management evaluate performance. Matt researches and analyzes accounting issues and presents findings, both verbally and in writing, to management and others within the organization.

Scot Phillips, CPA, Partner
Scot joined the firm in 2002 and is a highly experienced public accountant, serving privately held companies, employee benefit plans, governmental entities and nonprofit organizations. His work includes audits, reviews and compilations of financial statements, interpretations of financial information and assistance with acquisitions. Scot is a recognized leader in his field, as well as in his community, participating in many local business and professional associations.

Kellen Garrison, CPA, National Assurance Sr Manager
Kellen has over eight years of public accounting experience providing audit, accounting and consulting services to our commercial, healthcare system, electric utility and telecommunication clients. He conducts financial statement audits and related services to clients with a broad range of revenues and assets. Kellen provides expertise to his clients on technical accounting issues and best practices, both during the audit process and throughout the year.

Year-End Tax Update Series
Click here to learn about our upcoming Year-End Tax Update Series.

Additional Information:
This is a Group-Internet Based Webinar. No prerequisites or advanced preparation required.

For information regarding refund, complaint and program cancellation policies, please contact Jason McKeever at 612.253.6628.