Strength Matters presents a webinar discussion of common issues and practical implementation questions related to Uniform Guidance with Scott Seamands of Lindquist, von Husen & Joyce and Kelly Perlman of Plante Moran.
Join us for this free one-hour webinar on Wednesday, March 28, 2018 at 2 PM (ET)
In December 2013, the Office of Management and Budget (OMB) issued the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (known to many as the “Super Circular” or the new Uniform Grant Guidance) to streamline and consolidate grants guidance previously contained in numerous documents. These changes will impact all entities receiving and administering federal awards, as well as auditors responsible for auditing federal awards programs. The Super Circular contains the most significant changes to occur to federal grants administration in recent history.
The new accounting and auditing guidance covers the following topics:
- Prior updates effective in the current year
- Goodwill impairment
- Consolidation guidance for NFPs
- Definition of a business
- Going concern
- Pension costs
- Uniform guidance (Financial discussion paper on UG available here.)
- Revenue recognition of grants and contracts
- Land easements
- Proposed auditors’ report changes
- Not-for-Profit Advisory Committee highlights
The third paper in our Financial Discussion series dives into guidance on eliminating developer fees in consolidated financial reporting.
Under current accounting guidelines, developer fees are eliminated when preparing consolidated financial statements.
– How should the developer eliminate the profit realized on the developer fees?
– How should the developer determine the profit and does it matter if the developer fee is deferred?
– Should only the deferred fee be eliminated and not the fee paid from third party sourced debt and investor equity?
Presenter, Dan King of CohnReznick, will discuss the recent Strength Matters publication Avoiding Tax-Exempt Use Property in Credit Deals – The IRC §168(h) Election.