Newsletter

The Genuine Learning Newsletter – Your Resource for Professional Excellence!

Don’t miss out on the opportunity to elevate your professional journey. The Genuine Learning Newsletter helps you stay informed, inspired, and at the forefront of the accounting industry. Packaged with essential updates, insightful industry analysis, our exclusive video blogs, and a wealth of resources, our newsletter is your go-to source for staying ahead in the ever-evolving field of accounting and auditing.

If you are looking for more great content, consider our Webcast offerings for CPE credit.

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Newsletter January 2024

Newsletter January 2024

In January, the FASB appointed new members to its Not-for-Profit Advisory Committee (NAC) and the GASB issued Statement 102, Certain Risk Disclosures. The NAC welcomed six new members for a four-year term. GASB’s Statement 102 aims to enhance risk disclosure in government financial statements, effective for fiscal years starting after June 15, 2024. Additionally, anticipation builds for the release of the new Yellow Book and the 2024 Compliance Supplement in the coming months.

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Newsletter December 2023

Newsletter December 2023

December 2023 saw significant activity from the FASB, including the issuance of two new ASUs and a proposed ASU on convertible debt instruments. ASU 2023-08 addresses crypto asset accounting and disclosure, effective for fiscal years starting after December 15, 2024. ASU 2023-09 enhances income tax disclosures, with effective dates varying by entity type. The FASB also proposed an ASU to clarify convertible debt instrument settlements. Additionally, the AICPA commented on sustainability assurance standards, and PEEC released a new interpretation on public interest entities, aligning with IFAC requirements.

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Newsletter November 2023

Newsletter November 2023

In November 2023, the FASB issued ASU 2023-07, enhancing segment reporting disclosures to include significant expenses regularly provided to decision-makers. Public entities must report this information for annual periods starting after December 15, 2023. The FASB also appointed Hillary H. Salo as a new board member and reappointed Susan M. Cosper. Additionally, the AICPA adopted revised Statements on Standards for Tax Services, effective January 1, 2024, introducing a new organizational structure and three new standards focusing on data protection, tool reliance, and client representation before tax authorities.

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Newsletter October 2023

Newsletter October 2023

In October 2023, the FASB issued ASU 2023-06, incorporating SEC disclosure requirements into the Accounting Standards Codification to enhance clarity and comparability. Additionally, FASB representatives met with the ASBJ in Tokyo to collaborate on global accounting standards, discussing topics such as cryptocurrency accounting and income statement expense disaggregation. Furthermore, the AICPA expressed support for legislation introducing accounting into STEM education from kindergarten to 12th grade, aiming to foster interest in the field among students.

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Newsletter September 2023

Newsletter September 2023

September 2023 brought significant developments in standard setting. The ASB proposed changes to align quality management standards with audit standards, seeking comments until December 1. PEEC approved revisions to the Code of Professional Conduct, ensuring alignment with international standards. GASB issued an exposure draft on capital asset disclosure and classification, open for comments until January 5, 2024. OMB released a preliminary draft of proposed changes to the Uniform Guidance, including an increase in the Single Audit threshold to $1 million. Lastly, the FASB voted to issue a standard on crypto assets, effective for fiscal years starting after December 15, 2024.

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MONEY MATTERS

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.

Jaclyn Veno CPA | Auditing Level Training | CPE

Melisa Galasso, CPA, CSP, CPTD

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.