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!
At it’s teleconference meeting on April 14th GASB voted to delay standards by one year due to COVID 19. On April 15th, what has historically been tax day but due to COVID19 has lost that honor, the exposure draft was issued. Comments are due by the end of April to help GASB have a quick turnaround time for issuing a final standard (especially for those upcoming May and June year ends!).
https://youtu.be/iZ2A2xvFeRI The second week of April definitely had some major impact on standard setting. The NAC was able to have its first meeting of 2020 which was delayed from March. FASB announced a delay in the leases standard for nonprofit and nonpublic...
The first quarter of 2020 started much like any other first quarter of a the year. However, it didn’t end quite as normal. The impact of COVID really only started to come into play late in the quarter, as such, we expect the brunt of the impact to come in Q1. In the first quarter, the FASB was able to issue 4 final standards including the much awaited ASU 2020-04 addressing reference rate reform. GASB issued the 2020 Omnibus and the AICPA issued SSARS 25 and SAS 139. Time will only tell what the second quarter of 2020 will be. GLS hopes you are staying safe and healthy during these turbulent times!
This week found our regulatory agencies working hard to address COVID-19. OMB expanded its administrative relief to entities impacted operationally by current conditions. The AICPA provided guidance on how to audit inventory when you can’t be on site. The SEC provided disclosure guidance to address COVID. GASB has indicated potential delays of two major standards in response to operational issues. FASB has worked with the federal agencies to address loan modifications and TDRs in light of banks helping customers dealing with COVID fallout. Standard setting may be on hold while they all take the time to address the current situation.
GASB has issued an exposure draft that will address some implementation issues in GASB 84 and component units while also addressing accounting and financial reporting for Section 457 plans. This is a very important ED but it requires a quick turnaround so comments are due by April 10th to assist in getting these updates out in a timely manner.
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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.
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.
