May 2024 Newsletter
May 31, 2024
May was a busy month for standard setters. The GASB celebrated its 40th anniversary and issued GASB 103, providing key improvements in financial reporting, effective June 2025. The OMB released the 2024 Compliance Supplement, offering guidance on audits and increasing the audit threshold to $1,000,000 for fiscal years beginning after October 2024. The ASB approved SSAE 23, revising practitioner definitions and setting a December 2025 deadline for new Quality Management systems. Stay tuned for more updates!
May 2024 Genuine Learning Newsletter

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May was a busier month for the standard setters! The GASB has celebrated its 40th anniversary and issued a new standard, the 2024 Compliance Supplement was officially issued by the OMB, and the ASB approved SSAE 23.

On May 28, the GASB updated its financial reporting model by issuing GASB 103, Financial Reporting Model Improvements. It provides key targeted improvements related to:

  • Management’s discussion and analysis
  • Unusual or infrequent items (previously known as extraordinary and special items)
  • Presentation of the proprietary fund statements
  • Major component unit information, and
  • Budgetary comparison information

The requirements of Statement 103 are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter. Early application is encouraged.

Additionally, on May 29, the OMB issued the 2024 Compliance Supplement. While providing guidance on the audits for entities with fiscal years beginning after 6/30/2023, it also provided much needed guidance around the application of the new Uniform Guidance. The changes to 2 CFR Part 200, Subpart F, which includes an increased audit threshold of $1,000,000, is now explicitly for auditee fiscal years beginning on or after October 1, 2024 which means that entities will not be able to take advantage of the increase in threshold until December 31, 2025 and June 30, 2026 fiscal year ends. Major changes to the Compliance Supplement are included in Appendix V. Of note, only four programs are considered higher risk this year (Medicaid Cluster, Emergency Rental Assistance, CSLFRF and Abandoned Mine Land Reclamation).

In other news, on May 15, the ASB approved SSAE 23 as part of the Suite of Quality Management Standards. SSAE No. 23 deletes the defined term “other practitioner” and replaces it with two new terms – “participating practitioner” and “referred-to practitioner.” The amendments differentiate the requirements related to other practitioners who are part of the engagement team (participating practitioners) and those who are not part of the engagement team (referred-to practitioners). December 15, 2025 deadline for firms to design and implement new QM systems for their accounting and auditing practices and to perform services in accordance with the new standards for engagements beginning on or after that date.

Stay tuned next month for more updates!

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.