2025 Annual Update for Accountants & Auditors

While the pace of FASB's standard-setting has slowed in recent years, the standards that have been issued will be impactful for many organizations. This course will begin with a review of standards effective in 2025 for public, private, and nonprofit organizations. From there, we’ll explore upcoming standards, FASB exposure drafts, and ongoing projects to ensure you're prepared for what’s next in financial reporting.

The second half of the course will shift focus to developments at the AICPA. From quality management to ethics standards and the talent pipeline, there’s no shortage of activity. We’ll start with a detailed look at the quality management standards effective this year and their impact on firms, including changes to the Peer Review Program. Next, we’ll cover essential ethics standards and the latest SSARS updates. We'll also examine common deficiencies in employee benefit plan (EBP) audits and discuss the initiatives of the National Pipeline Advisory Group.

Key Takeaways:
- Gain clarity on standards effective in 2025 and those on the horizon.
- Understand the impact of quality management standards and related peer review changes.
- Stay informed on ethics updates, SSARS developments, and ongoing AICPA initiatives.
- Learn about common EBP audit deficiencies and strategies to address them.
Stay ahead of the curve with this comprehensive update for accountants and auditors.

Upon completing this course, a learner will be able to:

  • Recognize the impact of Accounting Standards Updates effective in 2025 on financial reporting
  • Identify proposed changes to ethics requirements
  • Recognize proposed changes to GAAP
  • Identify the components of quality management
  • Identify the impact of recently issued ethics interpretations on independence
  • Recall deficiencies identified by the DOL for EBP audits
  • Recognize changes to the peer review process
  • Identify the recommendations made by the NPAG to improve the accounting pipeline
  • Recall key projects of the Auditing Standards Board
  • Recognize the impact of recent standard setting on the applicability of AR-70

 

Qualifications: YB24 (1.5 Credits); YB56 (1.5 Credits)

Tag: Recorded Content
CPE Credits: 6-Cr Webinar; (8-Cr QAS)
Program Level: Update
Instructor: Melisa F. Galasso
Qualifications: Yellow Book (See Description)
Prerequisites: Prior experience with GAAP and GAAS
Advanced Preparation: None
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.