GASB & FASB Sessions | April 14 | 4:10 PM – 5:00 PM

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GASB Update for Public Institutions

Description

GASB is continually generating new standards and updating authoritative guidance. During this session, the presenters will review new guidance, recently implemented standards, and standards in the pipeline. They will also spend some time discussing NACUBO’s advisory on accounting and reporting for tuition and fee discounts.

Learning Objectives

  1. Explain GASB requirements.
  2. Discuss the cross-campus collaboration needed for new and upcoming accounting standards
  3. Outline the timing of upcoming guidance and ways to react and prepare.

Speakers

Chris Leach, Accounting Policy Analyst, NACUBO

Chris Leach is the 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. Prior to that, he served for almost 20 years in controller positions at Texas A&M University-San Antonio and Washburn University. During his time on campus, he was active in NACUBO, SACUBO, and CACUBO, serving in many volunteer roles, including chair of NACUBO's Accounting Principles Council and chair of SACUBO's comprehensive and doctoral institutions constituent committee. Chris also has extensive experience in the private sector, having worked in public accounting with Deloitte & Touche and financial services before moving into the higher education industry.He received both his undergraduate and graduate degrees in accountancy from Mississippi State University, and is a CPA in Mississippi, Louisiana (inactive), and Ohio (inactive). He and his wife DeAnn live outside Columbus, MS with their three dogs, two cats, and the occasional field mouse.

Teresa Edwards, CPA, System Controller, Texas A&M University System Office

Teresa Edwards, CPA, has been the System 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.

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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.

Speaker 

Matthew Socha, Partner, Not-for-Profit Industry Practice Leader, Cherry Bekaert

Matthew is an audit partner and leader of the firm's Not-for-Profit and Higher Education industry practice. A graduate from the University of Wisconsin - School of Business, 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. He lives in Charlotte, North Carolina with his wife Erin and four children.