2022 Audit & Accounting and Federal Tax Updates

Join us for our Spring Audit & Accounting Update. We will also be hosting a Fall Federal Tax Update and Fall Audit & Accounting Update. During these sessions, you will learn more about recent ASUs and current federal tax topics.

(Note: If you join us for the Audit & Accounting Update this spring, the fall sessions will cover similar content, just in a different format. You are only eligible to receive CPE credit for attending one A&A Update series, not both the spring and fall sessions.)

Audit & Accounting Update

One constant in accounting is change. Standard setters are continually working with financial statement users and other stakeholders to improve accounting and financial reporting as well as the standards that auditors and accountants follow when reporting on financial statements.

Our spring Audit and Accounting update covers all ASUs effective for 2022 financial statements and beyond, as well as accounting issues related to Pass-Through Entity Taxes, Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP), and changes to audit, review and attestation standards.

Topics covered:

• Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. While the ASU will have a significant effect on financial institutions, it will also impact non-financial institution entities that have certain financial instruments (including trade receivables) 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.
• Leases (Topic 842): The new standard provides significant changes regarding accounting, presentation, and disclosure for leases. It’s important to understand the potential impact the standard could have on your entity from both a financial reporting and a tax perspective. This session will also address frequently asked questions regarding implementation as well as implementation lessons learned.
• Various other ASUs covering topics that include accounting guidance, updates, and implementation observations for intangible assets, revenue and receivable recognition, derivatives and hedging, income taxes and much more.
• Pass-Through Entity Taxes, Employer Retention Credit (ERC) and Paycheck Protection Program (PPP) issues and questions.
• A summary of the changes to audit, review and attestation standards.

Learning Objectives:

• Summarize updates from the Financial Standards Accounting Board
• Discuss impacts of these changes to standard accounting practices
• Determine new processes to adapt to these changes
• Describe the updates to the audit, review and attestation standards

Presenters:

Angie Hillestad, CPA, CGMA, Partner | Eide Bailly
Since 2007, Angie has been providing audit services to a variety of industries, including nonprofits with and without Federal grants and affordable housing entities. In her primary role as a member of Eide Bailly’s National Assurance Office, she is responsible for providing quality control, oversight, and support to the Firm's assurance team.

Kristin O’Connor, CPA, National Assurance Sr Manager | Eide Bailly
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.

Ann Glenz, CPA, Partner | Eide Bailly
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.

Scot Phillips, CPA, Partner-in-Charge of Audit & Assurance | Eide Bailly
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.

CPE Information: CPE Credits: up to 6 hours
Field of Study:  Auditing & Accounting
Level of Knowledge:  Update
Delivery Method:  Group-Internet Based

Save the Date for our Fall A&A and Federal Tax Updates

More information to follow.

Fall A&A Update 2022 (The Fall A&A Update will cover similar information to the Spring A&A Update – so no need to register for both Fall & Spring.)

Thursday, October 20, 10:30 a.m.-12:30 p.m. CDT
Thursday, October 27, 10:30 a.m.-12:30 p.m. CDT
Thursday, November 3, 10:30 a.m.-12:30 p.m. CDT

Federal Tax Update 2022

As the challenges of the pandemic have continued into 2022 – so has the need for individuals and businesses to remain current on the various new tax rules and regulations. Our Federal Tax Update includes a comprehensive review of the changes that have occurred so far this year that may affect both individuals and businesses.

We are offering this update as a series of virtual workshops. Please join us for one or all four workshops by year end with a bonus session in January.

Session 1: Friday, October 28, 10:30 a.m.-12:30 p.m. CDT
Session 2: Friday, November 11, 10:30 a.m.-12:30 p.m. CST
Session 3: Friday, December 2, 10:30 a.m.-12:30 p.m. CST
Session 4: Friday, December 16, 10:30 a.m.-12:30 p.m. CST
Session 5: Friday, January 13, 2023, 10:30 a.m.-12:30 p.m. CST

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 Amy DeGeorge.