July 2023
Greetings,
Happy summer. I love this time of year. A chance to take a break and recharge, while at the same time thinking to the year ahead. There is a lot on the go…. Technical topics like new standards and CSQM 1 implementation as well as the business side of things like strategic planning. All are important to running a firm. This month’s update has information on both. Read on…
ASNPO 4411 Contributions Exposure Draft
Accounting for contributions in a not-for-profit organization has always had its challenges and the standard is currently under review. The AcSB proposes to issue new Section 4411, Contributions Received by Not-for-Profit Organizations. This new section would replace Section 4410 Contributions – Revenue Recognition and Section 4420 Contributions Receivable.
The Exposure Draft includes proposals that replace the current guidance with a single approach for recognizing revenue from restricted contributions and provide specific guidance on special types of contributions, including contributed materials and services, capital asset contributions, and endowments. Current guidance on financial statement presentation and disclosures would concurrently be amended.
READ THE ASNPO EXPOSURE DRAFT HERE
The AcSB is holding round table discussions on the exposure draft. Have your voice heard… participate in one of the upcoming September dates. REGISTER FOR AcSB ROUND TABLE DISCUSSION HERE
Asset Retirement Obligations: PS 3280 Standard Now in Effect
Do you have public sector clients? Section PS 3280, Asset Retirement Obligations is effective for fiscal years beginning on or after April 1, 2022, which means March 31, 2023 and December 31, 2023 will be the first year ends impacted.
Section PS 3280 applies to all public sector entities following Public Sector Accounting Standards (PSAS). The standard provides guidance on how to account for and report a liability for asset retirement obligations (AROs). An excellent publication from BDO Canada walks through a practical approach to applying Section PS 3280.
Firm Strategic Planning
Summer is a great time to think of the future and what the upcoming 18, 24 or 36 months may entail. It is an opportunity to focus on the long term. An interesting article (the second of a series of three) states that “Failure to plan is planning for failure. That adage rings especially true for accounting firms in these modern times. Buffeted by hurricane-force winds of change, firms must ponder how to proceed through uncharted, unsettled waters.”
The article goes on to state “hope is not a strategy” and outlines factors that make a good strategic plan. If you are thinking about the future, this article and its practical ideas is for you.
READ ARTICLE HERE
The Promise and Peril of ChatGTP
ChatGPT is showing up everywhere you look… And is something we can’t ignore. It can be very useful in many ways but also has its limitations. I have been checking it out over the past few weeks as I do write a lot (this update has been written by me, not ChatGTP!!). ChatGTP has its benefits as it has shown itself capable of composing everything from website copy to emails to FAQs.
However, it definitely has its limitations. I was experimenting with ChatGPT in assisting me with drafting an email about CSQM 1. It clearly did not know what CSQM 1 was…. it made up concepts that were close, but not correct. When ChatGPT does not know what to write, it still acts as if it does. A very dangerous area, especially in our profession. The Journal of Accountancy has an interesting article about the promise and peril of ChatGTP. Decide for yourself…
READ JOURNAL OF ACCOUNTANCY ARTICLE HERE
16 Ways to Build Recharge in Your Day
Research indicates that restorative activities like meditation, exercise, and spending some time in away from the desk can improve physical and mental energy while reducing the risk of developing diseases that are associated with stress. This article provides practical ways to give yourself a recharge and identify some of your main battery drains.
READ ARTICLE HERE
[Free Webinar] CSQM 1 Implementation Blueprint
If you missed the July session, don’t worry… due to popular demand I have scheduled another session.
Join me on August 24 @ 2 pm CDT (3 pm EDT) for my free Webinar on CSQM 1 where I will share my CSQM 1 Implementation Blueprint with you.
–> If you’re a compilation engagement-only firm looking to understand what the changes mean… This webinar is for you.
–> If you’re struggling to get started on your CSQM implementation plan… this webinar is for you.
–> If you an assurance services firm and maybe a bit late to the table on designing and implementing your system of quality management… this webinar is for you.
Many practitioners have some idea of what’s coming but haven’t yet started. The reality is a lot of firms are underestimating what needs to be done to meet the requirements.
We have coached +100 firms on implementation. In this webinar, we share our blueprint with you. You will walk away with massive clarity on CSQM 1 and confidence in your path forward.
And, since the session is live you will have a chance to ask any question that is on your mind.
Don’t forget, this session counts as free verifiable CPD. And… if you join in you will hear bonuses about CSQM 1 workshops that are for attendees only.
RESISTER FOR THE FREE AUGUST 24 (@ 2 PM CST) CSQM 1 IMPLEMENTATION BLUEPRINT WEBINAR HERE
July and August are the time to take a break… Make sure you do. Remember work will always be there, that is the nature of what we do. It is critical to take time and recharge, mind, body and soul…That is what I did last week. Hanging out with my grandkids sure feeds my soul. What makes you happy?
When finally needed, I am around to assist you as required. I am here to help you save time and achieve peace of mind. Reach out any time.
Best regards,
Kirsten S. Albo, FCPA, FCA
President