FAF Rolls Out Free Access to Codification & GARS

FAF Rolls Out Free Access to Codification & GARS

GLS is very excited about the recent roll out by the Financial Accounting Foundation (FAF) of its free (and enhanced) access to the FASB Codification and the GASB’s Governmental Accounting Research System. This makes accessing and researching accounting more accessible especially for smaller entities to comply with the standards. The fact that it is free will help reduce barriers to entities following GAAP. We are excited to see the impact this change will have on smaller organizations!

Celebrating National Nonprofit Day

Galasso Learning Solutions was pleased to celebrate National Nonprofit Day and the official launch of Money Matters for Nonprofits with alumni from recent graduating classes of the ASC’s Cultural Leadership Training (CLT) Program. CLT is the only program in the region that specializes in training and placing community members on boards of nonprofit arts and cultural organizations. Before the event, Melisa had a few minutes to catch-up with Beth Allen, a CPA and business leader with deep ties to the local nonprofit community.

Ethics Interpretation Proposal: Compliance Audits

Ethics Interpretation Proposal: Compliance Audits

The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID-19 related funding is causing many entities who have no been subject to audit requirements or single audit requirements historically to now be subject to them. They add 2 definitions and revise the definition of financial statement attest client to help identify which independence rules apply to these engagements. Comments are due September 1, 2022.

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