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The AICPA has provided a Fraud Risk Frameworks document to help CPAs and their clients visual the types of fraud in 3 major sectors. The one pagers help put the most common types of fraud in a visual that can be used to generate discussion. The Frameworks were developed by the AICPA Forensic and Litigation Services (FLS) Fraud Task Force.
The AICPA has issued a TQA addressing questions about how for-profit and nonprofit entities account for the new restaurant revitalization and shuttered venue grants that have been received by many organizations. As there is no on point GAAP for for-profit entities, the TQA provides examples of guidance that can be applied by analogy.
Governmental Accounting Standards Board (GASB) issued a REVISED exposure draft regarding Notes to the Financial Statements. This is in preparation for a Concept Statement that helps determine what is “essential” for disclosure. The Board previously issued an ED back in 2020 and has made revisions based on the feedback received. Comments are due by October 15, 2021.
GASB has issued a proposed Omnibus Exposure Draft. The ED addresses implementation issues for leases, PPP and SBITA as well as targeted accounting guidance. It also addresses the delay in reference rate reform and LIBOR discontinuance. The Omnibus addresses a variety of topics that are not large enough to address in a standalone standard but that improve financial reporting. Comments are due September 17, 2021.
Have you ever wanted to influence the topics that FASB covers in its standard setting? Well, now here’s your chance. Today, Financial Accounting Standards Board (FASB) issued its Invitation to Comment (ITC) that asks individuals to provide feedback on its future standard-setting agenda. The ITC offers examples of topics provided by various stakeholders during the consultation process but provides opportunity to give additional thoughts to what FASB should focus their time on. Comments are due September 22, 2021.
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.
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.
