Do you work for or with governmental entities? This channel will keep you up to date with all things governmental accounting and auditing. We’ll focus on the projects of the GASB, GAO and OMB so you know what is changing for governmental entities.
On March 19, 2025, GASB released its Preliminary Views on Severe Financial Stress and Probable Dissolution Disclosures, introducing significant changes to how financial statement users are informed about risks to a government’s financial condition and legal existence.
On November 19, 2024, Technical Q&A 6950.25 was issued, offering key guidance on how auditors should approach opinion unit classification when a governmental fund is reclassified from major to nonmajor under GASB Statement No. 100.
In our Q1 2025 in Review Blog, we look at the standard setting activities of the FASB, GASB and AICPA. The first quarter had a flurry of activities with promises of more standards coming down the pike. This is a great way to keep up to date during busy season without getting in the weeds!
The Governmental Accounting Standards Board (GASB) has released a new Exposure Draft on Subsequent Events, aiming to enhance financial reporting consistency and provide clearer guidance on recognized and nonrecognized events. In this blog, we’ll look at the key areas of the exposure draft to keep you informed about the proposed changes. Your feedback is valuable! Share your insights by February 21st by submitting comments to director@gasb.org or via the online input form.
The GASB recently released an exposure draft for the 2025 Implementation Guidance Update. This guidance includes Q&As that address inquiries about previously issued statements to help facilitate the implementation of new pronouncements. Comments on the exposure draft are due to the GASB by January 24, 2025.
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.
