November 3rd Seminar: Don’t be Afraid of the New Overtime Laws!

October 13, 2016 – Piercy Bowler Taylor & Kern (PBTK), a full-service accounting firm, along with Howard & Howard and ManagedPAY, will present a series of lunch n learn seminars offering simple strategies for the problems that often keep business leaders up at night. The first in the series will focus on the new overtime law going into effect on December 1.

Robert Rosenthal of Howard & Howard will give you Five Strategies to Avoid the Penalties and Fees that you may face if you don't comply with this new law. It affects every business in Southern Nevada.

This event is sponsored by ManagedPAY, Howard & Howard and Piercy Bowler Taylor & Kern.

When: November 3, 2016 at 11:45 am – 1 pm

Where: ManagedPAY

Register: Seating is limited! Register by October 27, 2016

Cost: $15 (includes lunch)

About Piercy Bowler Taylor & Kern

Piercy Bowler Taylor & Kern is a full-service accounting and business advisory firm that provides accounting and auditing, tax, consulting, valuation and litigation support services. Founded locally in 1990, the firm specializes in the casino gaming and leisure time industries, governmental and not-for-profit organizations, real estate development and construction industries and the legal and general business communities. Now with offices in Salt Lake City, Reno and Las Vegas, PBTK is one of the few independent accounting firms in its local markets to perform SEC audits. For more information on PBTK, visit or call Shannon Hiller at 702.384.1120.

New GAAP for Not-for-Profits

The FASB has recently issued ASU 2016-14, changing several elements of the not-for-profit accounting model. When effective, it will require major changes as follows:

  • The three net asset classes that we have now (unrestricted, temporarily restricted and permanently restricted) will be reduced to two classifications: unrestricted and donor restricted.
  • “Underwater” donor-restricted endowment funds that are now reported in the unrestricted category will be included in the donor-restricted category.
  • Additional information available about liquidity and the availability of resources will be required, including certain qualitative and quantitative information about how the organization manages its liquidity and a reconciliation that shows any limits imposed by donors, by law or internally, such as by the governing board.
  • Financial statements of all not-for-profits will be required to provide expenses both by nature and function (substantially as only voluntary health and welfare organizations are now), along with disclosure of the methods used to allocate those costs among functional categories.
  • The new rules will standardize how organizations present investment returns and provide for what expenses should be netted against those returns.
  • Finally, ASU 2016-14 will remove the need to have a reconciliation that is currently required for those that use the direct cash flow method (but it will not require use of the direct method as originally proposed).

These changes will be effective for annual financial statements issued for fiscal years beginning after December 15, 2017 (essentially, calendar year 2018) and for interim periods thereafter. Early adoption is allowed (preferably beginning with fiscal years ending in June 2017, if practical, or the following year). For more information, contact Howard Levy.