FASB/GASB Sessions | April 23 | 4:10 PM – 5:00 PM
FASB A&A Update for Private Institutions
Description
This session will provide you with an update on the latest development of new and proposed accounting standards issued by the Financial Accounting Standards Board (FASB) that impact private higher educational institutions and related foundations.
Learning Objectives
1. Recognize recently issued Accounting Standard Updates (ASUs) their impact on not-for-profit intuitions of higher education.
2. List specific areas that will impact your institution.
3. Evaluate recent exposure drafts and pending standards projects.
Speakers
Matthew Socha, Cherry Bekaert, Partner | Not for Profit Practice Leader
As a Partner in the Charlotte practice, Matthew has a passion for serving not-for-profit and educational organizations. As Leader of Cherry Bekaert's Not-for-Profit Industry Practice, Matthew provides audit, assurance, and advisory services to private and public colleges and universities, community and technical colleges, independent schools, foundations, religious organizations, associations, health and human service organization and other charitable organizations.
Clients depend on Matthew for timely, practical guidance on many technical accounting and compliance issues, such as implementation of new standards, compliance with federal and state laws and grant programs, fair value matters, endowment accounting and not-for-profit industry insights. Matthew serves organizations of all shapes and sizes, allowing him to advise clients on best practices and operating efficiencies as they continue to grow and enter new phases of maturity in their operations. Matthew is a frequent speaker on changes in audit and accounting standards that impact the not-for-profit and higher education environments.
Matthew's education industry experience includes audit, assurance and advisory services for private and public colleges and universities, community and technical colleges, independent K-12 schools, educational foundation and charitable organizations. Matthew helped to develop the SACUBO benchmarking platform and is a recurring speaker at both the SACUBO Annual Meeting and Fall Workshop for the past five years.
Are You Keeping Up with the GASB?
Description
This session will define our current accounting hierarchy, acquaint us with our current GASB Board members, provide a list of technical experts at NACUBO and review new accounting standards. We will provide real life implementation examples of GASB 96 (SBITA - software-based information technology arrangements) and other new standards, which are being implemented in fiscal 2023 and beyond. This includes discussing software solutions. We will also discuss upcoming standards, which will begin to change some of our defining principles of accounting. We will also touch on new NACUBO guidance relating to accounting and reporting for tuition and fee discounts. To successfully implement these standards, the accounting offices need executive management's support, strong accounting expertise and access to our peer institutions for ideas and solutions. As accounting professionals, we also need to operationalize complex standards while easing the burden for our departmental users.
Learning Objectives
1. Discuss current and upcoming GASB standards.
2. Understand the impact of new and upcoming GASB guidance on the institution's financial statements.
3. Understand the impact of NACUBO's new guidance on tuition and fee discounting..
Speakers
 Teresa Edwards, Texas A&M System, CPA
Teresa Edwards, CPA, is an experienced accounting professional with over thirty-five years of experience issuing and compiling financial statements, analyzing accounting standards, reengineering business processes, testing accounting systems and managing teams of professionals.
Teresa has been the Controller at the Texas A&M University System Office since 2011. In this role, she is responsible for the oversight of the System Office accounting operations, interpreting the impact of new accounting standards to the twenty-four Texas A&M institutions/agencies, compilation of the consolidated Annual Financial Report, assisting IT system enhancements on the accounting system and various other reporting requirements. Teresa also worked at the Florida Department of Financial Services and the Texas Comptroller’s Office and prior to governmental accounting, she worked in corporate accounting and worked for a CPA firm in the Houston area. Teresa is a graduate of Texas A&M University.
 Chris Leach, NACUBO
Since November 2021, Chris Leach, CPA, has been an Accounting Policy Analyst at NACUBO. In that role, he is a liaison with various NACUBO committees, FASB and GASB, and other groups. He assists with the development of NACUBO accounting guidance and research projects. His current focus is on reporting on tuition discounts and assisting with the update of NACUBO's guide to endowments. Prior to joining NACUBO, Chris served as controller at both Texas A&M University-San Antonio and Washburn University. Before moving into higher education, Chris spent seven years in the financial services industry and 11 years as an audit senior manager with Deloitte. He holds both bachelor’s and master’s degrees in professional accountancy from Mississippi State University. Chris has been active in NACUBO, SACUBO, and CACUBO over the years, serving on many advisory and planning committees. He and his wife DeAnn live in Mississippi with their three dogs, two cats, and the occasional field mouse.
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