The annual AICPA Not-for-Profit Conference will be held next week in Washington, D.C. Members of the Schneider Downs Nonprofit Industry Group will be joining more than 1,000 attendees to learn about current accounting, tax and other regulatory matters impacting nonprofit organizations.
Accounting topics will include an update from the FASB’s Not-for-Profit Advisory Committee Chair, Jeffrey Mechanic. Mr. Mechanic will preview the committee’s agenda and marquis project, “refreshing the current NFP reporting model.” This project is focused on three key elements, reporting financial performance, how financial statements tell the organization’s story, and reporting liquidity and financial health of the organization. Additionally, understanding fair value and how fair value measurements impact financial reporting continue to be hot topics. Finally, the question many nonprofits are increasingly asking, “how the convergence of international accounting standards and U.S. accounting standards will impact them,” will be addressed.
Tax topics will include an update from the internal revenue service including an overview of its 2011 work plan, review of the colleges and universities compliance initiative, and a legislative update. Rounding out the agenda will be discussions on nonprofit governance best practices, common A-133 audit findings, risk management and a health insurance reform update. Look for highlights from this conference from the Schneider Downs Nonprofit Industry Group in the coming weeks.
For further information, please contact Staci Brogan.
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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.