Today's Date July 16, 2025
Accounting

Are you interested in what’s going on at the FASB and GASB? Then this section of the blog is for you. We’ll look at the active projects of these financial reporting standard setters and maybe a few other interesting topics that are important for CPAs!

If you are looking for more great content, consider our Webcast offerings for CPE credit.

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GASB ED – Accounting Changes and Error Corrections

GASB ED – Accounting Changes and Error Corrections

The GASB has issued an exposure draft, Accounting Changes and Error Corrections an amendment of GASB Statement No. 62, to update an area of accounting that hasn’t seen much change. The original guidance came from FASB standards that date back to the 1970s. The GASB reviews the guidance through the lens of a governmental entity and provides definitions as well as accounting guidance on accounting changes and error corrections. Comments are due August 31, 2021.

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Executive Order on Climate-Related Financial Risk

Executive Order on Climate-Related Financial Risk

President Biden has issued an executive order requiring federal agencies to look at financial risk related to climate change including potentially requiring public entities to disclose certain items. ESG disclosures are a growing area for disclosures and entities like the SASB and GRI have been providing best practices.

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Renaming the Comprehensive Annual Financial Report

Renaming the Comprehensive Annual Financial Report

The GASB has issued an exposure draft to amend the name of the comprehensive annual financial report to the Annual Comprehensive Financial Report. The current spoken acronym is offensive in some cultures and reordering the terms will alleviate unintended insults. There are no changes to the contents or use of the report, just the title. Comments are due July 9, 2021.

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IFR4NPO

IFR4NPO

Todays blog looks at a movement to develop internationally applicable financial reporting guidance for non-profit organizations. IFR4NPO has issued a consultation. This blog looks at Part 1 of the proposal which includes scope and overall conceptual framework to be used in the development of this international standard. Comments on Part 1 are due by July 30, 2021.

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Q1 2021 in Review

Q1 2021 in Review

The first quarter of 2021 is a wrap. It was a light quarter for standard setting and given everything else we have going on, that’s probably not a bad thing! This blog covers the few standards that were finalized in Q1.

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MONEY MATTERS

FOR NONPROFITS

Money Matters for Nonprofits demystifies financial statements and basic accounting, empowering nonprofit board members to better advise their organizations and make an even greater difference in the world.

Jaclyn Veno CPA | Auditing Level Training | CPE

Melisa Galasso, CPA, CSP, CPTD

Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.

Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.

Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.

She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.

Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.