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.
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.
The GASB has issued an exposure draft, Accounting Changes and Error Corrections an amendment of GASB Statement No. 62, to update an area of accounting that hasn’t seen much change. The original guidance came from FASB standards that date back to the 1970s. The GASB reviews the guidance through the lens of a governmental entity and provides definitions as well as accounting guidance on accounting changes and error corrections. Comments are due August 31, 2021.
GAO has issued a technical update to Yellow Book. In a very rare move, GAO has made modifications to a handful of paragraphs in the 2018 Yellow Book. The updates address the concept of equity, SKE for nonaudit services and changes to evaluation of internal controls for performance audits. Updates were effective upon issuance.
The GASB has issued an exposure draft to amend the name of the comprehensive annual financial report to the Annual Comprehensive Financial Report. The current spoken acronym is offensive in some cultures and reordering the terms will alleviate unintended insults. There are no changes to the contents or use of the report, just the title. Comments are due July 9, 2021.
GASB has issued a proposal to address diversity in practice as well as common deficiencies related to reporting compensated absences. The proposal addresses PTO and sabbaticals as well as provides a single method of accounting for leave. The proposal includes the use of FIFO to account for the amount due in one year as well as a provides guidance on using the current pay rate for recognition of the liability. Comments are due June 4th.
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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.
