FASB
GASB
AICPA
IRS
Bonus
100
What does FASB stand for?
Financial Accounting Standards Board
100
What is the most recent GASB pronouncement?
GASB 97 - Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans—an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32
100
How should the taxonomy be applied to the note to the financial statements specific to COVID-19 info?
If the financial statements includes a separate note on COVID-19, the taxonomy element "unusual or infrequent items, or both, disclosure", is intended to be used for the note. However, to alert the reader that the note relates to COVID-19, the preferred label for the element should end with "COVID-19".
100
What is the threshold for a NFP to file a form 990N and 990 ez instead of a full form 990?
990N - Gross receipts under $50,000
990EZ - Gross receipts of less than $200,000 and total assets of less than $500,000
100
What day is election day this year and when is the last day to request a mail in ballet in Nebraska?
October 23 is the last day to request a ballot be mailed to you and election is November 3.
200
What is the most recent FASB Standard issued to date?
ASU 2020-07 issued in September. Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.
Requires: Contributed nonfinancial assets be presented separately in stmt of activities and several new disclosure requirements.
Effective: Apply retrospective for periods beginning after June 15, 2021.
200
When is the 2018 Yellow Book effective and what is one change in requirements?
Effective for periods ending on or after June 30, 2020.
Changes:1) New format and organization 2) Clarifying CPE requirements and GAGAS specific CPE 3) Expanded discussion of Waste and abuse 4) new standards for reviews under YB. 5) Independence clarifications.
200
Which two assurance services can a client elect to omit all or substantutally all disclosures?
Preparation and Compilation but not for a review or audit.
200
How much of the forgivable portion of a PPP loan can be attributable to non-payroll costs?
No more than 40% according to IRS notice 2020-32
200
Name one of the other BDO USA Alliance CPA or BRN members with offices in NE.
HBE, LLP - Lincoln, Omaha, Norfolk
BerganKDV, Ltd - Omaha
Countryman Associates, PC - Central City, Geneva, Grand Island, Hastings, Kearney, Scottsbluff
BRN: Convergence Coaching - Bellevue; ExecHQ, LLC - Lincoln; BerganKDV Tech & Consulting - Omaha
300
Name one of the 8 FASB standards that are effective in 2020 for calendar year-end nonpublic companies.
1 Revenue Recon - Those not yet implemented
2 2017-08 Premium Amortization
3 2017-11 Down Rounds
4 2018-07 Nonemployee Share-Based Payments
5 2018-08 Contributions Provided
6 2018-13 FV Measurement
7 2018-16 Derivatives and Hedging - SOFR & OIS
8 2019-03 Collections
300
Name one of the statements postponed by GASB as a result of COVID-19.
The effective dates of GASB Statement No. 87,Leases, and Implementation Guide No. 2019-3,Leases, have been postponed by 18 months.
Effective dates are extended by one year for certain guidance in the following pronouncements:
- Statement No. 83,Certain Asset Retirement Obligations.
- Statement No. 84,Fiduciary Activities.
- Statement No. 88,Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements.
- Statement No. 89,Accounting for Interest Cost Incurred Before the End of a Construction Period.
- Statement No. 90,Majority Equity Interests.
- Statement No. 91,Conduit Debt Obligations.
- Statement No. 92,Omnibus 2020.
- Statement No. 93,Replacement of Interbank Offered Rates.
- Implementation Guide No. 2017-03,Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting).
- Implementation Guide No. 2018-1,Implementation Guidance Update — 2018.
- Implementation Guide No. 2019-1,Implementation Guidance Update — 2019.
- Implementation Guide No. 2019-2,Fiduciary Activities.
The effective date of Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, is not postponed because the pandemic was factored into that standard’s effective date.
300
When does the "package" of new Auditing Standard updates become effective? (SAS 134 to 140)
Effective for audits of financial statements for periods ending on or after December 15, 2020.
SAS 141 then delayed the effective date by one year to periods ending on or after December 15, 2021 for these SASs due to COVID-19.
Implementation guidance can be found here: https://www.aicpa.org/interestareas/frc/auditattest/auditing-standards-information-and-resources.html
300
The CARES Act attempted to jump start charitable giving by offering those tax payors who do not itemize a deduction. How much id the max deduction for 2020?
$300. Also, It’s not really clear whether it works that way or if a couple filing jointly can claim a $600 deduction until further guidance is released.
300
What section of the 2020 Compliance Supplement issued in August addresses covid-19 and is it comprehensive?
Appendix VII and no. The OMB is working with federal agencies to prepare an addendum and hopes to issue it in October. When issued it can be found here: https://www.whitehouse.gov/omb/management/office-federal-financial-management/
400
Name one thing the AICPA exposure draft related to risk assessment discusses.
Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement to supersede SAS No. 122, as amended, section 315 of the same title, and amend various AU-C sections in AICPA Professional Standards.
The overall objectives of this proposed SAS are to enhance the requirements and guidance with respect to identifying and assessing the risks of material misstatement, in particular the guidance that addresses the work effort with respect to gaining an understanding of the entity’s system of internal control and assessing control risk. Because the IT environment in which auditor and companies operate today has evolved significantly since extant AU-C section 315 was issued, the proposed SAS also includes extensive guidance to modernize how the auditor addresses IT. Finally, the proposed SAS revises the definition of significant risks and includes new guidance on maintaining professional skepticism.
The comment period ends November 25.
400
What section of Uniform Guidance details the audit resonsibilities?
2 CFR 200 subpart F
400
Name one of the significant changes from the new auditing standards SAS 134 to the auditor's report.
1) 1st paragraph is now the opinion paragraph.
2) 2nd paragraph is now basis for opinion
3) Going Concern - when applicable should report in accordance with AU-C sec. 570.
4) Key Audit Matters - When engaged to communicate these, do so in accordance with sec. 701.
5) Revised MNGT and Auditor responsibility sections
6) Other reporting responsibilities
Notes: SAS 137 addresses responsiblities for Other information and some changes to required communications to governance. Be sure to use new templates from PPC.
400
How should a NFP account for their PPP forgivable loan?
If the PPP loan's eligibility and loan forgiveness criteria are expected to be met, a not-for-profit entity may account for PPP loans in accordance with FASB ASC 958-605,Not-for-Profit Entities—Revenue Recognition, as a conditional contribution. Under FASB ASC 958-605, the timing of recognition for a contribution received depends on whether the contribution is conditional or not. If the contribution is conditional, it is not recognized until the conditions are substantially met or explicitly waived. So, a not-for-profit entity would initially record the cash inflow from the PPP loan as a refundable advance. Then, the not-for-profit entity would reduce the refundable advance and recognize the contribution after the conditions of release have been substantially met or explicitly waived.
400
Other than for CPE name two things that you can find on the BDO Alliance Portal.
Many acceptable answers. The point here is we could be using his more!
500
What website or database can be used to research public company filings as a means to see examples of public company footnotes?
500
Name one of the professional bodies tools or resources to identify information related to covid-19.
GASB Emergency Toolbox - https://www.gasb.org/cs/Satellite?c=Page&cid=1176174469582&pagename=GASB%2FPage%2FGASB%2FSectionPage
GAQC Covid-19 Resources - https://www.aicpa.org/interestareas/governmentalauditquality/resources/singleaudit/uniformguidanceforfederalrewards.html
AICPA - https://future.aicpa.org/resources/toolkit/aicpa-coronavirus-resource-center
500
What do SAS 138 and SSAE #20 both deal with?
Misstatements, including omissions, are considered to be material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
It is not expected nor intended to change US practice.
500
If an employer elects to defer remittance of the payroll taxes when they have to pay these taxes to the IRS?
An Affected Taxpayer must withhold and pay the total Applicable Taxes that the Affected Taxpayer deferred under this notice ratably from wages and compensation paid between January 1, 2021 and April 30, 2021 or interest, penalties, and additions to tax will begin to accrue on May 1, 2021, with respect to any unpaid Applicable Taxes
500
Name 1 of the 4 largest new federal programs related to COVID and state whether or not it is to be reported on the SEFA.
Paycheck protection program (CFDA# 59.073) - No
Provider Relief Fund (CFDA# 93.498) - Yes
Coronavirus Relief Fund (CFDA# 21.019) - Yes
Educational Stabilization Fund (CFDA# 84.425) - Yes
