This channel will provide the information you need to know about nonprofit accounting and auditing. Topics will range from the happenings of the NAC to the international work being done by the INPAG. Stay up to date on all things nonprofit accounting & auditing.
While much of the focus of the implementation of SAS 134-140 have been on the financial statement report and the Single Audit report, it is important to note that when the AICPA issued updated examples in their A&A guide, it included changes to the Yellow Book report as well. We’ll review some of the biggest changes to make sure these minor edits are included when issuing GAGAS reports.
The AICPA has issued a Technical Q&A to address questions surrounding reporting on the SEFA when the amount reported does not tie back to the financial statements due to DHHS’s requirement to report based on the reporting to the Portal. The TQA provides guidance on the application of AU-C 725 to this scenario.
The AICPA has issued a TQA addressing questions about how for-profit and nonprofit entities account for the new restaurant revitalization and shuttered venue grants that have been received by many organizations. As there is no on point GAAP for for-profit entities, the TQA provides examples of guidance that can be applied by analogy.
Todays blog looks at a movement to develop internationally applicable financial reporting guidance for non-profit organizations. IFR4NPO has issued a consultation. This blog looks at Part 1 of the proposal which includes scope and overall conceptual framework to be used in the development of this international standard. Comments on Part 1 are due by July 30, 2021.
FASB has issued a proposal to adjust the timing for when private entities and nonprofits would be required to identify triggering events for goodwill impairment. After initially identified by the AICPA’s Technical Issues Committee (TIC), it was determined that the cost and complexity associated with an interim consideration for an annual reporting outweighed the benefit. Comments are due January 20.
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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.
