The Genuine Learning Blog is a video series designed to keep you abreast of the latest developments in the CPA profession. The blog is designed to keep CPAs informed and is packed with essential updates as well as insightful industry analyses. Our exclusive videos are a go-to resource for staying ahead in the ever evolving accounting profession. You can also subscribe to the Genuine Learning Newsletter to never miss an important blog or update.
The AICPA has released its new CPA Exam Blueprint which outlines the format and content of the exam. Following a deep review of the topics covered in 2019, the Final Practice Analysis provides insights into the changes to the current exam. This update is much smaller than the expected impact of CPA Evolution which will overhaul the structure of the exam.
The AICPA has updated their Practice Aid on Accounting for and auditing of digital assets to address more niche Codification topics. The update includes discussion of accounting for broker dealers as well as investment companies. It also provides guidance on determining principal markets for fair value. The Digital Assets Working Group has been great in providing accounting and auditing guidance for entities as this topic is not well addressed in authoritative literature.
This week’s blog looks at the recently proposed GASB Implementation Guide for 2021 which provides questions and answers on a variety of topics ranging from derivative instruments and fiduciary activities to leases and nonexchange transactions. Comments are due February 15, 2021.
The AICPA has rolled out a Toolkit to Assist Firms in identifying affiliates under the new ET Section 1.224.020. In June 2019, the PEEC rolled out a new definition of affiliate for State and Local Governments. However, the new rules were complex so the AICPA has released a decision tree for identifying affiliates as well as a variety of tools that firms can use to determine their compliance with the independence standards.
The AICPA’s Auditing Standards Board has issued some proposed targeted improvements to guidance on the use of specialists and external pricing sources. The proposal incorporates some PCAOB guidance and provides additional application guidance for AU-C 501, 540 and 620. Comments are due February 4, 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.
