The purpose of this GAQC archived Web event is to help not-for-profit entities (NFPs) and their auditors deal with the challenges they face in applying fair value measurements to certain transactions and to learn more about a new white paper issued by the AICPA titled, Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities (FV White Paper).
Because of the widespread applicability of this topic, this event was offered to GAQC members, AICPA members, and non-members. Therefore, you should consider inviting your clients and other colleagues that may not be GAQC and/or AICPA members to listen to this archived event.
About the Web Event
NFPs face various challenges in applying the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurement, which codifies FASB Statement No. 157, Fair Value Measurements (FAS 157). To assist in addressing these challenges, the AICPA just released a FV White Paper. This GAQC Web event will discuss the contents of the FV White Paper including measurement issues with transactions such as unconditional promises to give cash or other financial assets; beneficial interests in trusts; and split interest agreements. Further, the presenter will also discuss:
- Valuation approaches and techniques;
- Determination of an appropriate discount rate;
- Use of market inputs when valuing split-interest obligations, including use of actuarial data and prices for annuity contracts;
- The unit-of-account for unconditional promises to give that are expected to be collected in one year or more and for beneficial interests in a trust;
- Disclosure considerations; and
- Relevant guidance, including the new FV White Paper, that is available to practitioners in this area.
About the Presenters
Elaine Allen, CPA, will be the main presenter in the event and is a partner in the New York office of Mitchell & Titus LLP. Elaine serves as the firm's national director of Not-for-Profit Services and has over 30 years of experience in public accounting. Previously, she served as Ernst & Young LLP's Americas Director, Not-for-Profit Sector, responsible for overseeing and coordinating its national services to not-for-profit organizations. She has significant experience with social service agencies, religious organizations, educational institutions, private foundations and cultural institutions. Elaine is also the chairperson of the AICPA task force focused on the implications of FAS 157 and is a member of the Not-for-Profit Expert Panel and its Revised Audit Guide Task Force.
Susan E. Budak, CPA, will serve as the moderator for the event and is an independent consultant and author that has worked closely with the AICPA on various projects, including two task forces focused on the implications of FAS 157 and work performed to revise the Audit and Accounting Guide, Not-for-Profit Entities. Prior to becoming a consultant, Susan worked for the FASB and GASB, where she served as a project manager. She has also served as an assistant controller and director of accounting services at Northwestern University in Illinois and was a senior accountant at Deloitte & Touche in Chicago, Illinois.
Archived Web Event Listening Instructions
You should print out and have available the Challenges with Fair Value Measurements for Not-for-Profits – Member Web Event Slides (PDF or PowerPoint).
The presenters addressed many of the questions within the time allotted for the event. We encourage you to visit the forum to post additional follow-up questions at GAQC Member Discussion Forum.
Thank you for your interest in this GAQC Event.
You can download the archived event for playing on your computer while offline or uploading to an MP3 player. To do so, right click on the following link and select "Save Target As" or "Save Link As." The download may take a while depending on your connection speed, so please be patient.
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