Not-for-Profit Income Webinar (Day 1 & 2)

Day 1 - Getting to grips with Principles and Mechanics

• Which accounting standard applies – AASB 15 or 1058?
• What the 5 steps of AASB 15 mean for NFP scenarios
• The meaning of performance obligations
  • Identifying and tracking a quantifiable measure
  • The sufficiently specific criteria
  • What words or acts meet the “enforceable” criteria?
• Applying the principles to key funding and income streams
• Core funding
• Donations and bequests
• Research grants, joint venture contributions to development of intellectual property
• Volunteer services
• Asset contributions
• Peppercorn leases
• Gains through mergers, takeovers, reconstructions (contributions, equity injections)
• Disclosures in financial statements

Day 2 - Applying and Documenting the Standards

Part two of the workshop includes a deep dive into a new template, which all attendees will be able to download and use in their day-to-day practice. The template works through a series of questions which assists the user to record entity decisions, judgements, and estimates. This creates necessary accounting records, saving significant time in preparing accurate accounts in future years.

• Case study examples of common scenarios
• Unexpended funds
  • Uncertainty over whether funds are to be repaid
  • Rollovers to spend in future periods
  • How to establish if there was an underspend
• Distinguishing contract conditions from performance obligations
• Distinguishing modified contracts from new contracts
• Contracts with multiple parts or running for multiple years
• What if we have made mistakes in the past?
  • Distinguishing policy change from error
  • How to handle situations where accounting has been insufficient for the last couple of years
  • Applying materiality to these situations
• Techniques for telling the story when income and expenses don’t match

WHY ATTEND

• Gain a clear understanding using examples you can relate to
• Included - Excel based assessment and documentation tool
• Practical commentary that helps you address a problem area with sensible perspective
• Illustrated examples you can review again later as a permanent reference
• Stepped learning modules, working from basics of the accounting standards through to application in specific scenarios
• An opportunity to take charge and replace ongoing differences of opinion with a confidence

PRESENTER

David Sauer B. Com., FCA

Principal, David Sauer, Chartered Accountant.

David is an independent consultant specialising in external reporting and audit.  He has provided practical professional development for accountants across Australia for over 30 years. 
He worked for 11 years with Deloitte and then Moore Stephens, where he was involved with writing model financial statements. His training services are appreciated because of his understanding of the technical issues combined with an ability to communicate with affected parties of differing backgrounds. 
David is able to draw on a wide range of circumstances to present training, including cases drawn from the technical advice he provides to accountants and directors of entities large and small.

Sonya Sinclair

Sonya has over 20 years of financial reporting and auditing experience with exposure to the Not-For-Profit sector, ASX-listed entities, large-companies, Government agencies and Auditor-General Departments.
As an independent advisor, Sonya specialises in practical application and technical aspects of financial reporting and auditing to professional accountants. Presenting at conferences and workshops, to shareholders, preparers of financial reports, accountants and auditors across recent developments in financial reporting, auditing and ethics, she provides clarity and a deep understanding of the requirements.
Sonya also provides tailored training and development to professional accountants and auditors to enable them to continuously improve and keep up-to-date with key changes.

CANCELLATIONS

Cancellations made 3 days or more prior to the events start date can be rescheduled to a more suitable date or Refunded
Cancellations made less than 24 hours of the events start date or after the event has started: No refund
No shows - No Refund

6 points