On October 24 at 3:55 I will be speaking at the California Society of CPAs Accounting and Auditing Conference where industry speakers and experts will provide comprehensive updates on current issues and emerging trends. The conference runs the 24th and 25th.
My topic is valuation of donated medicine in the not-for-profit community. I have the privilege of working with a 75 minute block of time.
If you are able to attend the session you will gain an understanding of the long-term enforcement effort at the federal and state level regarding valuation of donated meds. My concern is that the governor’s veto of AB 1181 is not the end of the enforcement actions considering what has happened over the last 9 years.
Title of the session is “California GAAP” – A case study in valuation of donated medicine.
Overview of the session from the conference schedule:
This session will cover:
o Requirements of AB 1181, a bill which will require certain charities to reduce the recognized value of certain donated medicine
o Description of charities which receive large volumes of donated medicine
o Detail of a cease and desist order filed by the California Attorney General against three large charities
o Detail, results, and current status of the appeal filed by the charities
o Other GIK enforcement efforts by 51 AGs & Federal Trade Commission, Michigan Attorney General, and IRS
o Brief recap of current accounting for donated medicine
o FASB action in response to AB 1181
o Lessons learned from following the GIK valuation issue
I am honored and humbled that CalCPA offered me this time and given me the opportunity to speak to my colleagues.
Please join us at the conference. From the agenda and list of speakers, it will be an incredible learning time for everyone.