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.
We’re kicking off the year with our annual year in review. This week’s blog focuses on the standards issued in 2020 by the AICPA, FASB and GASB. We’ll give a quick executive summary of what was finalized in 2020 for each standard setter as we kick off a new year of standard setting.
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.
Each quarter we review what issued as final standards during the quarter. While the Genuine Learning Blog focuses on what’s coming down the pike and tries to encourage participation in due process, we also know its important to be aware of what get’s finalized. The blog looks at the items issued by the AICPA, FASB and GASB that will be effective in the near future.
https://youtu.be/u3mp8yA8YZc GAO has issued an audit alert to provide some considerations for auditors as to how COVID19 will impact Yellow Book audits. The alert addresses risk assessment, audit evidence, quality control. While nonauthoritative, the alert can help...
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.
