Leases and grant income – problems and emerging issues for NFPs New remuneration and other disclosures in 31 December 2022 statements

31 December 2022 brings new financial reporting issuers. Many not-for-profit entities face challenging times and need to carefully present their story in compliant financial statements. Also, the Tier 2 Simplified Disclosures framework applies for the first time. There are new related party and remuneration disclosures, opportunities to slim down disclosure, and tweaks in the form of some exemptions and some transition elections. In addition, there are new issues being raised on some of the complex recent accounting standard changes, such as leases and grant income.

Thomson Reuters is pleased to announce the 2022 Not-For-Profit Financial Reporting Workshop to help you solve these problems. You can join David Sauer and Sonya Sinclair live at the workshop in Melbourne on 29 November, via livestream if you can’t attend or view the recording when it suits you.

Invest in this workshop and make your financial reporting tasks easier by being informed and prepared.

Whether you are an auditor, an accountant in practice, or work with the finance function of a not-for-profit entity, join us at this highly interactive workshop and gain clarity on some of the more challenging areas of financial reporting.

Who should attend?

The workshop provides a “how-to” focus on accounts preparation suitable for:

  • Preparers of not-for-profit entity financial statements
  • Auditors
  • Financial controllers
  • Financial accountants
  • Finance managers
  • Partners and staff of accounting practices
  • Treasurers and secretaries with annual report responsibilities
  • Agencies and regulators receiving financial information from NFPs

Anyone seeking explanations of “how to” prepare accounts, not just high-level summaries of changes.

Why attend

  • Gain a clear understanding using examples you can relate to
  • Topics illustrated with journals and financial statement disclosures
  • Sample memos and filenotes you can adapt to be your permanent file reference
  • Practical commentary that helps you address a problem area with sensible perspective
  • Good opportunities to pose your questions whether you are live or remote
  • Be prepared: adapt our templates to generate information auditors will seek
  • Tailored disclosure checklists – NFP general purpose, Charity special purpose, 2022 AASB 1060 v 2021 GPFR comparison

For any event enquiries, please email eventsanz@thomsonreuters.com

Dates & Locations

Online
29 November 2022

Your Investment

Livestream

$750 + GST One Day

9:00AM - 4:30PM AEDT

6 CPD points one-day workshop

Register Now


Workshop leader

David Sauer Principal David Sauer, Chartered Accountant

David is an independent consultant specialising in external reporting and audit. He has provided practical professional development for accountants across Australia for over 30 years. He worked for 11 years with Deloitte and then Moore Stephens, where he was involved with writing model financial statements. His training services are appreciated because of his understanding of the technical issues combined with an ability to communicate with affected parties of differing backgrounds. David is able to draw on a wide range of circumstances to present training, including cases drawn from the technical advice he provides to accountants and directors of entities large and small.

Sonya Sinclair, Director, EcoRisk Audit and Consulting

Sonya has over 20 years of financial reporting and auditing experience with exposure to the Not-For-Profit sector, ASX-listed entities, large-companies, Government agencies and Auditor-General Departments. As an independent advisor, Sonya specialises in practical application and technical aspects of financial reporting and auditing to professional accountants. Presenting at conferences and workshops, to shareholders, preparers of financial reports, accountants, and auditors across recent developments in financial reporting, auditing, and ethics, she provides clarity and a deep understanding of the requirements. Sonya also provides tailored training and development to professional accountants and auditors to enable them to continuously improve and keep up to date with key changes.


Agenda

9:00am

Changes in reporting frameworks and 2022 developments


  • Working through the maze – which rules apply to your entity?
  • New disclosures in charity special purpose statements and transition elections
  • New and amended standards and rules for 31 December 2022
  • ACNC and other regulator matters – DGRs, income tax disclosure, reporting material errors
  • AASB 1060 Simplified disclosures:
    • What disclosures are new and what can be deleted?
    • Optional single statement of income and retained earnings
    • Illustrations of first-time application
    • The mandatory standards for ACNC special purpose reports
  • AASB’s proposed Tier 3 and timetable for removing special purpose for NFPs
  • Disclosures healthcheck – how to systematically apply the new rules for confident compliance
10.30am

Break time

10.50am

Disclosure topics in detail

  • Remuneration and related parties disclosures
    • Typical related parties and transactions in the NFP context
    • Disclosure of remuneration contracts – how much detail is necessary?
    • Understanding when the single Key Management Personnel exception applies
  • Economic dependency
    • When is note disclosure required?
  • Common errors and omissions
12.30pm

Lunch Break

1.30pm

Hotspots and frequently asked questions

  • Leases
    • Concessional leases – permanent relief from recognition at fair value
    • Dealing with uncertainty due to lack of documentation / formality
    • Interpreting what termination options mean for lease term
    • Amortisation of building whose useful life is much longer than lease term
    • Casual extensions and short extensions of lease period
  • Income of Not-for-Profits
    • Amendments to AASB 15 – upfront fees illustration
    • Help in identifying “sufficiently specific” and “Legally enforceable” to determine performance obligations
    • Key question checklist to decide accounting for unexpended funds
    • Is your liability for goods / services (contract liability AASB 15) or for cash (financial liability AASB 9)
    • Gross or net recognition – is your NFP acting as principal or as agent?
    • Disaggregated income disclosure – how much detail for sources of funding?
3.00pm

Break

3.20pm

Topical and emerging issues

  • Case study – sale of land to a developer with ongoing lease income
  • Software and IT costs – developments affecting the capitalise or expense decision
  • Is sustainability and climate financial risk disclosure relevant to Tier 2 NFPs?
  • Service performance reporting and non-financial information
  • Impairment issues from a NFP perspective
  • NFP specific guidance on control and consolidation requirements
4.45pm

Close of workshop