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Title : Accounting and Auditing Update for Small Business

Presented By : Melisa Galasso

For many small businesses, the standards issued by the FASB may have little to no effect as they impact topics that do not reflect the type of transactions that these entities most frequently experience. This class will focus on the Accounting Standards Updates (ASUs) that are most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC). We'll then look at alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don't necessarily need to prepare GAAP financial statements but want to use accrual accounting. Finally, we will transition to audit standards that small business auditors will need to implement this year, including changes to auditing accounting estimates and risk assessment. 

Field(s) of Study: Accounting, Auditing

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Recall ASUs impacting small businesses 
    • Identify the impact of SAS 143 on audit engagements
    • Identify the changes to risk assessment as a result of  SAS 145
    • Identify reporting options for small entities other than GAAP

    Level

    Update

    Prerequisites

    Knowledge of and experience with accounting and auditing standards as applied to small businesses

    Advanced Preparation

    None

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Title : Not-for-Profit GAAP Update

Presented By : Melisa Galasso

This course will review the Accounting Standard Updates issued by the FASB that impact nonprofit entities. We will also look at the work of the Not-for-Profit Advisory Committee (NAC) and the projects they are advising the FASB on.

Field(s) of Study: Accounting Governmental

NASBA Approved

Update Level

2.0 Hrs

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    Learning Objectives

    • Recall the impact of ASUs on nonprofit organizations 
    • Recall the activities of the nonprofit advisory committee

    Level

    Update

    Prerequisites

    Knowledge of and experience with GAAP as applied to government entities

    Advanced Preparation

    None

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Title : Not-for-Profit Accounting Update

Presented By : Melisa Galasso

The Not-for-Profit Advisory Committee (NAC) has been meeting with FASB to discuss the impact of various standards on the nonprofit community. In this course, we will explore the work of the NAC and the impact they've had. We then transition to the Accounting Standards Updates (ASUs) issued by the FASB that are impacting nonprofit entities, including a deep dive into the leases standard which is effective for many nonprofits this fiscal year. We will close with a look at common deficiencies found in grant accounting.

Field(s) of Study: Accounting Governmental

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Recall the impact of ASUs on nonprofit organizations 
    • Recall the activities of the nonprofit advisory committee 
    • Identify the financial reporting impact of Topic 842, Leases 
    • Identify common deficiencies in grant accounting

    Level

    Update

    Prerequisites

    Knowledge of and experience with not-for-profit accounting

    Advanced Preparation

    None

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Title : Yellow Book Update

Presented By : Melisa Galasso

More and more entities need Yellow Book engagements, including a growing number of for-profit entities. In this course, we will review the unique independence requirements in GAGAS. We'll also review the new engagements that have been created as alternatives to Single Audits that requires the auditor to follow Yellow Book.

Field(s) of Study: Auditing Governmental

NASBA Approved

Update Level

2.0 Hrs

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    Learning Objectives

    • Describe alternative engagements to single audits subject to Yellow Book 
    • Recall the independence requirements in Yellow Book

    Level

    Update

    Prerequisites

    Knowledge of and experience with Yellow Book and its application to audits

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Title : Common Yellow Book and Single Audit Deficiencies

Presented By : Melisa Galasso

This course will review focus areas for peer review of Single Audits and Yellow Book engagements. We discuss the requirements for major program determination, testing compliance, testing internal controls over compliance, sampling, and reporting for Single Audits. We also address Yellow Book CPE and independence requirements. In addition to providing an overview of the common deficiencies and key trends identified by the AICPA, this course will also provide best practices for how entities can properly perform procedures in these areas. 

Field(s) of Study: Auditing Governmental

NASBA Approved

Intermediate Level

4.0 Hrs

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    Learning Objectives

    • "Recognize CPE requirements for Yellow Book engagements 
    • Perform a major program determination compliant with the Uniform Guidance 
    • Properly identify internal controls over compliance 
    • Identify compliance requirements in the Uniform Guidance 
    • Recognize the control risk and internal controls over compliance 
    • Identify the reporting requirements for Single Audits 
    • Properly perform sampling under the Uniform Guidance 
    • Recognize common audit deficiencies 
    • Recognize the independence requirements for Yellow Book

    Level

    Intermediate

    Prerequisites

    Prior experience with GAGAS and Uniform Guidance 

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Title : Topic 842 - Implementing Leases Workshop

Presented By : Melisa Galasso

This updated course offers an in-depth look at the FASB leases standard (ASC 842), which requires organizations to recognize lease assets and liabilities on the balance sheet. This comprehensive course will cover recognition, measurement, presentation and disclosure requirements, while also focusing on a key area of change which is proper identification of a lease using a principles-based approach. We will discuss implementation requirements from both the lessee and lessor accounting models. In addition, we explore a variety of scenarios including short-term leases, purchase options, variable lease payments, and remeasurement. This course offers practical journal entry examples, lessons learned from implementation, and explores recently issued amendments to the lease accounting guidance.

Key Topics

Leases

Topic 842

Field(s) of Study: Accounting

NASBA Approved

Intermediate Level

4.0 Hrs

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    Learning Objectives

    • Define a lease under the new leases standard
    • Apply recognition and measurement requirements of the new leases standard
    • Describe the presentation and disclosure requirements of the new leases standard
    • Prepare journal entries necessary to account for leases as both a lessee and lessor

    Level

    Intermediate

    Prerequisites

    Prior experience with accounting for leases

    Advanced Preparation

    None

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Title : Internal Control Frameworks for Single Audit

Presented By : Melisa Galasso

  • The Uniform Guidance identifies COSO and Green Book as best practices in internal control. This course will cover the background on COSO and its 2013 update. We’ll also review the application of COSO to Green Book. Attendees will learn how to leverage Part 6 of the Compliance Supplement for documentation of internal controls. 
Field(s) of Study: Auditing Governmental

NASBA Approved

Basic Level

1.0 Hrs

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    Learning Objectives

        • Describe the five components of internal controls 
        • List the benefits of internal control frameworks 
        • Explain the reasons for the COSO 2013 Update 

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

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Title : Accounting & Auditing for ESG

Presented By : Melisa Galasso

Environmental, Social and Governance (ESG) has become a hot topic among standard setters. This session will look at the work of the FASB, GASB and AICPA in the areas of ESG. We’ll also look at the types of engagements CPAs can provide to entities who want to have assurance around their ESG reporting.

Field(s) of Study: Auditing

NASBA Approved

Basic Level

1.0 Hrs

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    Learning Objectives

    • Identify types of engagements CPAs can perform on ESG related items
    • Describe current projects of accounting standard setters

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

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Title : Introduction to Governmental Accounting

Presented By : Melisa Galasso

Governmental accounting is very unique. This course will introduce the financial reporting basics for governments, including fund accounting and the modified accrual basis of accounting. Attendees will analyze the layouts of the fund financial statements as well as the government-wide financial statements. The course will also cover the concept of component units, Management Discussion & Analysis (MD&A), and the Annual Comprehensive Financial Report.

Key Topics:

  • Fund accounting
  • Governmental Financial Statements
  • Intro to Governmental Accounting
Field(s) of Study: Accounting Governmental

NASBA Approved

Basic Level

2.0 Hrs

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    Learning Objectives

    Describe the unique accounting principles and transactions applicable to governmental entities.

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

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Title : What's Going on at the FASB

Presented By : Melisa Galasso

The course will start with the Accounting Standard Updates effective in 2023 for public entities, private entities, and nonprofits. We will also review significant changes to common control lease arrangements issued early in 2023. After a break, we switch our attention to the items coming down the pike, including a look at the projects identified by the FASB's Invitation to Comment: Agenda Consultation.

Field(s) of Study: Accounting

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Identify the impact of ASUs that are effective in 2023 on financial reporting 
    • Describe the impact of the common control changes made to leases 
    • Identify FASB ASUs that will be effective after 2023 
    • Identify the topics commonly requested during FASB's agenda consultation

    Level

    Update

    Prerequisites

    Knowledge of and experience with FASB accounting standards and their application

    Advanced Preparation

    None

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