Senate Floor Analysis for AB 1181 posted on August 21.

August 22, 2019, 6:00 am

Next step for AB 1181: roll call on floor of Senate. Image courtesy of Adobe Stock.

Analysis of AB 1181, which will be used for the vote on the floor of the California Senate, was posted yesterday, August 21. This follows the bill being read the second time on August 20 and moving out of the Appropriations Committee on August 19. You can download the analysis if you are so interested.

I don’t understand the timing of when votes are called. What I have learned is the next step after the second reading and printing the floor analysis is the vote. Stay tuned.

Oh, as an aside on whether the Assembly and Senate might resolve differences in the bills approved by the different chambers, I had an insight yesterday. Back on 8/12/19, the Senate Appropriations took action. It was reported as:

From committee chair, with author’s amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.

The ‘aha’ moment for me was realizing the Senate committee processed changes by the author, who is an Assembly member. Methinks that means the bill has a pretty good chance of sailing through the Assembly, assuming the Senate approves it.

Some comments on the floor analysis…

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AB 1181 read on Senate floor second time. Next step: third reading and vote.

August 21, 2019, 10:59 am

California Capitol building lit by setting sun. Image courtesy of Adobe Stock.

On August 20 Assembly Bill 1181, which would modify reporting requirements by those charities receiving specific donated medicine and supplies, was ‘read’ on the Senate floor a second time.

Second reading took place one day after bill was moved out of the Senate Appropriations committee.

As I explained yesterday, the next step is the third reading which will involve a vote of the full Senate.

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FASB adds GIK project to technical agenda. Focus will be only disclosure and presentation on statement of activity. Will not address valuation methodology.

August 21, 2019, 10:43 am

FASB decided to address disclosures for donated meds but not valuation. Image courtesy of Adobe Stock.

On October August 21, 2019, FASB held an open meeting to address the GIK issue.

You can watch the meeting video for yourself:

Discussion of GIK starts about the 44 minute point.

The direction the board is taking is to consider enhanced disclosures in the notes and more detailed presentation on the statement of activity. The board decided to not address measurement, i.e. valuation methodology.

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Senate Appropriations Committee sends AB 1181 to Senate floor without a hearing.

August 20, 2019, 8:10 am

California capital building. Image Courtesy of Adobe Stock.

The draft bill to essentially change one phrase of an AICPA audit guide on valuation of donated pharmaceuticals is on its way to the floor of the Senate without a hearing in the Appropriations committee.

On August 19, 2019, the following comment was posted on Assembly Bill 1181:

From committee: Be ordered to second reading pursuant to Senate Rule 28.8

That raises two questions. What is Senate Rule 28.8? What is the next step?

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Proposed delay in effective date for two accounting changes affecting charities.

August 17, 2019, 9:29 am

Image courtesy of Adobe Stock.

FASB officially issued an exposure draft on August 15, 2019 which proposes a one year delay for implementing three new accounting standards. Two of these proposed delays will affect many charities.

Effective date for SEC filers would not be changed.

I won’t discuss any changes for public business entities (PBE). Readers of my blog who fall into that category would be non-profits that are considered to be conduit bond obligors and EBPs that file their financials with the SEC.

You can find the exposure draft here.

The proposed delays for not-for-profit entities and private companies:

Leases

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Minor change to AB 1181 on 8/12/19

August 13, 2019, 6:48 am

Image courtesy of Adobe Stock.

Subtle changes were made to AB 1181 on August 12, 2019 by Assembly member Limón (the bill’s author) and the chair of the Senate Judiciary Committee. The bill was re-referred to the Appropriations Committee, which is still scheduled to hold hearings on August 19.

Two changes were made yesterday.

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Looks like the scope of the guardianship-transfer-for-financial-aid fiasco is growing

August 12, 2019, 1:11 pm

Image courtesy of Adobe Stock.

The first reports of a new college admissions scandal indicated the scheme was in play in Illinois. A small number of minutes research on the ol’ net shows the scandal is now open in Missouri.

With a sinking feeling, I am wondering where else this will show itself.

Scheme reportedly exists in Missouri

Kansas City Star – 8/5/19 – Did rich Missouri families give up custody of kids to get college aid? How’s that legal? Cases have been found of families in Missouri transferring guardianship of children in order to get financial aid.

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