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Councilor, Buchanan & Mitchell (CBM) to Present on New Revenue Recognition Standards and Simplifying the Nonprofit Financial Process at 2018 GWSCPA Nonprofit Symposium

by Joe Kovacs, APR on November 16, 2018 in Not-for-Profits

Daniel L. Weaver, CPA, Anthony A. Cuozzo, Jr., CPA, CGFM, and Julia Lafferty, CPA, respectively senior vice president/director of not-for-profit services, senior advisor and nonprofit principal at Councilor, Buchanan & Mitchell (CBM), will present at the Greater Washington Society of CPAs’ 2018 Nonprofit Symposium. The conference, which draws together financial management professionals from the DC-metro area not-for-profit industry for two and a half days of education and networking, will be held November 27-29, 2018 at the Walter E. Washington Convention Center in Washington, DC.

Dan Weaver Tony Cuozzo nonprofit symposium image

Senior Advisor Anthony Cuozzo and Senior Vice President Dan Weaver speak at the 2017 GWSCPA Nonprofit Symposium.

CBM will present on the following topics:

  • Simplify Your Financial Process and Still Ace Your Audit. Wednesday, November 28, 8:00 – 8:50 a.m. CBM Nonprofit Principal Julia Lafferty will co-present in a discussion that guides not-for-profit organizations toward creating efficient and scalable financial processes while meeting essential compliance requirements. The session plans to address auditor requirements, concerns about management letter comments and a consideration of harnessing automation for financial management benefits.
  • Impact of the New Revenue Recognition Standard on Contributions Received and Made. Wednesday, November 28, 1:30 – 2:20 p.m. CBM Senior Advisor Anthony Cuozzo and Senior Vice President Dan Weaver will present on FASB’s ASU 2018-08, which clarifies the scope and accounting procedures for contributions given and received. Their engaging discussion will touch upon changes in financial reporting first issued under FASB’s ASU 2014-09 standard, which changed revenue reporting requirements in financial statements for companies and other organizations.

“With the new standard clarifying FASB’s position on contribution revenue and expenses,” says Weaver of the latter session, “it’s important for not-for-profit financial managers to understand what has changed. There are some subtle differences in how contributions should be recorded and is area of financial management that not-for-profits can’t afford to fall behind on.”

CBM, a mid-sized accounting, tax and advisory firm with offices in Bethesda, MD and Washington, DC, has served the financial management needs of not-for-profit clients since 1921. Weaver, who is a previous member of GWSCPA’s Board of Governors, has spoken with Cuozzo at the symposium in prior years and both are active with GWSCPA as speakers, and committee and task force members. Lafferty served as vice chair of this year’s GWSCPA Nonprofit Symposium planning committee.

Councilor, Buchanan & Mitchell (CBM) is a professional services firm delivering tax, accounting and business advisory expertise throughout the Mid-Atlantic region from offices in Bethesda, MD and Washington, DC.