Professional Documents
Culture Documents
Looking Back
Jimmy Carter was the first president born in a hospital. In 1918 a flu epidemic killed 548,000 people in the U.S. Gallaudet University began the tradition of the football huddle in the 1890s, in order to conceal their signed plays from the opposing team.
Copyright 2012 Tate & Tryon CPAs and Consultants
Created in 1973 117 standards in first 20 years (thru 1993) 6 new standards in the next 10 years 45 new standards (Jan 2005 June 2009)
2011 Highlights
Supplementary and Other Information Related to Financial Statements Service Organizations Exposure Draft on Going Concern Testing Goodwill for Impairment Private Company GAAP
IFRS
FASB and IASB signed a MoU in 2002 2006 MoU identified 11 convergence topics Currently 4 priority projects - Leasing is most relevant to NFPs
Accounting for Leases - Initial exposure draft August 2010 - Decision to re-expose July 2011 - Effective date not likely prior to 2014
IFRS - continued
FASB / NAC
Active Projects - Nothing other than Leases affecting NFPs - Mostly closing down the four IFRS projects Long-term Research Project - Consolidation
Revisiting current net asset classification, and how they may be relabeled or redefined Improving the statement of activities and cash flows to more clearly communicate financial performance Creating a framework for a Management Discussion and Analysis section of the financial statements Streamlining current NFP specific disclosure requirements to improve relevance and clarity
Copyright 2012 Tate & Tryon CPAs and Consultants
Speaker Biography
Jeffrey Stefan, CPA, is the partner in charge of Tate & Tryons auditing practice and has more than 25 years of experience serving the nonprofit sector. In addition to his extensive audit and tax experience, he has provided consulting services to organizations such as The World Bank, Public Company Accounting Oversight Board, and ASAE & The Center for Association Leadership in a variety of areas, including grant compliance, merger due diligence, and internal controls. He has also been called upon to consult on a variety of complex issues such as fair value accounting (FAS 157), accounting for alternative investments (FAS 133), split interest agreements, endowment accounting (UPMIFA / FSP 117-1), single member limited liability corporations, uncertain tax positions (FIN 48), and interest rate swap agreements. Mr. Stefan has presented and authored articles on many recent accounting and auditing issues including : FASB Staff Position (FSP) FAS 117-1, Endowments of Not-for-Profit Organizations, Educating Your Board About Audits, Understanding Statement of Auditing Standards (SAS) 103, Audit Documentation, SAS112, Communicating Internal Control Matters Identified in an Audit, and A Summary of the new Audit Risk Standards. Jeff is a member of the American Institute of CPAs (AICPA), the Greater Washington Society of CPAs (GWSCPA), and ASAE.
January 13, 2012 Copyright 2012 Tate & Tryon CPAs and Consultants