The FASB is asking a big question: Should we rethink how we recognize intangibles on the balance sheet? In its newly released Invitation to Comment: Recognition of Intangibles, the Board explores whether current GAAP adequately reflects today’s innovation-driven business models—especially when it comes to internally developed assets like R&D, software, and brand value.
The second quarter of 2023 was a slower one for standard setters. We’ll look at the standards that were issued and proposed from April through June of 2023 at the FASB, GASB and AICPA.
Taking a big first step towards a global nonprofit accounting framework, IFR4NPO has issued the first of 3 expected exposure drafts for public comment. The exposure draft addresses scope and basic framing for the development of a new global framework for nonprofit organizations. Comments are due March 31.
Quarter 3 of 2022 is in the books. We’ll review the accounting and auditing (and ethics) standards issued by standard setters this quarter.
The AICPA’s Healthcare Expert Panel has issued a Technical Q&A regarding the accounting for vaccines that were provided during the pandemic. The guidance applies to nonprofits and for profit entities. The TQA requires entities to evaluate whether the transaction is exchange or nonexchange and if nonexchange whether the entity is acting as a principal or an agent.
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.
