The Tenth Annual George Mason University
Tax & Accounting Conference

November 17, 2015 at 12:30 to 6:30 p.m.

The annual George Mason University Tax & Accounting Conference provides a forum for accountants, auditors, audit committee members, CFOs, and members of academia to hear first-hand from expert speakers about the latest trends in accounting and auditing and taxation. This year’s conference provides a forum to discuss the following:

  • Are you familiar with ASC 740, accounting for income taxes? ASC 740, formerly known as FAS 109, is a set of financial accounting and reporting standards addressing the income tax-related consequences of a company’s current and past transactions. The new and forthcoming guidance on ASC 740 is expected to add to the complexity of these standards. The event’s expert presenter will discuss the following:
    • Overview of current issues affecting public company audits that may trickle down to private company audits
    • Overview of independence requirements
    • Overview of “naked credit” and changes caused by goodwill amortization
    • Impact of the proposed change to balance sheet classification of deferred tax assets / deferred tax liabilities and how it could affect purchase adjustments for an acquisition
    • How adoption of the new repair regulations could affect the income tax provision
  • Explore the reporting requirement of the Affordable Care Act. The Internal Revenue Service recently issued final forms for reporting tax information about health care coverage, as required by Internal Revenue Code (IRC) Sections 6055 and 6066. These reporting requirements will impact most employers who will be required to file and distribute these new tax filings in January 2016 on account of information relating to 2015. Meeting the Affordable Care Act (ACA) employer reporting requirements is a complex, multistep process that is likely to be very challenging to most employers. Conference participants will be presented with an overview of the ACA and answers to the following questions:
    • What is the employer shared responsibility provision and what potential penalties can be assessed against employers?
    • What specific reporting requirements will employers have to comply with and what are some of the challenges associated with it?
    • What are the reporting requirements for individual taxpayers?
  • Find out about the latest developments on FASB’s Exposure Draft on NFP Financial Statements. On April 22, 2015, the Board issued an Exposure Draft of the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954), for public comment. The comment period for the Draft ended as of August 20, 2015. Board will renew its deliberations on the Exposure Draft during fall 2015. The current NFP model has been in place for approximately 20 years since FAS 116 and FAS 117. The objective of the proposed changes is to reexamine existing standards NFP standards, focusing on improving:
    • Net asset classification requirements
    • Information provided in financial statements and notes about liquidity, financial performance, and cash flows.
  • Hear about the recent reorganization of PCAOB auditing standards and other standard-setting activities, including auditing accounting estimates and fair value measurements and using the work of specialists. Be among the first to hear about other projects such as the auditor's reporting model and improving transparency through disclosure of engagement partner and certain other participants in audits.
  • Are you up to date on the new rules for Federal Grants Management? In late 2013, the Office of Management and Budget (OMB) released new guidance on Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, which has been dubbed the “Super Circular.” These sweeping changes are the result of more than two years of work by both federal and nonfederal financial assistance sectors overseen by the Council on Financial Assistance Reform. The new guidance affects entities receiving and administering federal awards as well as auditors responsible for auditing federal awards programs By attending Session 2 of the conference, you will learn:
    • What is the Uniform Guidance
    • Who is the COFAR
    • When do the rules become effective
    • What is the significance of the COFAR FAQ interpretations
    • Emphasis on new themes in the Uniform Guidance: risk posed by applicant, internal controls, terms and conditions of award, and corrective action to Single audit findings
    • Record retention and access to records
    • The requirements of a financial management system
    • Cost sharing and match – How to value match
    • Program income
    • The new Procurement standards

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George Mason University School of Business

Ranked by U.S. News & World Report in the top 10 percent of all AACSB accredited business schools, the School of Business is one of only 25 percent of business schools accredited in both business and accounting by the Association to Advance Collegiate Schools of Business (AACSB) International.




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School of Business 
Enterprise Hall 
4400 University Drive, MS 1B1
Fairfax, VA 22030

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