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Instructor : Melisa Galasso

This course reviews accounting standards issued by the Government Accounting Standards Board (GASB) that will be effective this year as well as those that will be effective in the near future. In addition to reviewing the standards, we will also focus on implementation strategies and challenges. Finally, we will turn our attention to the future by discussing GASB’s current projects and exposure drafts. 

Key Topics: 

Fiduciary Activities 

Leases 

SBITAs 

Revenue & Expense Recognition 

Financial Reporting Model 

Field(s) of Study: Accounting Governmental
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This course covers FASB Accounting Standard Updates  (ASUs) that impact NFPs. It includes a deep dive into Revenue Recognition for Grants & Contracts and its its impact on accounting for PPP and other federal funding in response to the global pandemic. Attendees will also gain an understanding of what must be considered in order to implement standards impacting nonprofit entities including leases, the definition of collection, goodwill amortization for nonprofits, and gifts in kind. We also address the impact of COVID19 on reporting for nonprofit entities. 

Key Topics: 

COVID19 
ASU 2018-08 
Leases 
Gifts in Kind

Field(s) of Study: Accounting Governmental
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    Learning Objectives

    • Determine if a transaction is a contribution or exchange transaction 
    • Identify ASUs impacting NFP entities 
    • Define the term collection 
    • Describe lease accounting under Topic 842 

    Level

    Update

    Prerequisites

    Prior experience with NFP financial reporting

    Advanced Preparation

    None

    Marketing Info

    This course is ideal for practitioners and members in industry responsible for accounting and financial reporting for nonprofit entities.

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This course offers an in-depth look at the new 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.

Field(s) of Study: Accounting
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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 Topic 842

    Advanced Preparation

    None

  • Events
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This course covers the important changes to Yellow Book as well as Single Audits. We will review the major changes auditors need to understand when performing audits under GAGAS (aka Yellow Book or Government Auditing Standards). Areas of focus include the updated independence requirements, form and organization of the guidance, and quality control as well as common deficiencies. We’ll also look at the AICPA’s reporting standard and its impact on the auditor’s report as well as the Compliance report for Single Audits. We will then switch gears and cover the Uniform Guidance including the most recent changes to the Uniform Guidance issued in 2020 as well as the impact of COVID on Single Audits.

Key Topics:

  • 2018 Yellow Book including CPE requirements for Yellow Book
  • COVID19 GAGAS Alert
  • SAS 134 and 140
  • Uniform Guidance Update
Field(s) of Study: Auditing Governmental
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The Enhancing Audit Quality Initiative has identified inadequate or nonexistent audit documentation as one of the biggest issues facing the profession. Over half of the engagements reviewed by the AICPA did not meet the requirements of AU-C 230. This course will look at common misconceptions related to audit documentation and help attendees address these deficiencies with best practices.

Field(s) of Study: Auditing
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The AICPA has been busy lately! This course will cover recently issued SASes, SSARS, and SSAEs. Attendees will take a deep dive into the new auditor's reporting suite that will be effective in December 2021. We will also look at the rest of the recently issued audit standards and the major proposals. This course provides attendees with an overview of all the key audit and attest standard-setting activities of the AICPA. 

Key Topics: 

New auditor’s report 

Attestation Update 

Audit evidence 

Auditing estimates 

Field(s) of Study: Accounting
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    Learning Objectives

    • List recently issued auditing and attestation standards 
    • Identify the impact of recently issued SASes, SSARS and SSAEs 
    • Describe changes to the auditor’s report 
    • Recall the impact of SAS 136 on employee benefit plan audits

    Level

    Update

    Prerequisites

    Prior experience with GAAS

    Advanced Preparation

    None

  • Events
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This course will review common deficiencies identified by the AICPA and state boards of accountancy. It includes discussion on a variety of topics including auditing estimates, internal controls deficiencies, documentation deficiencies, and risk assessment. We will review the areas of concern, the profession’s response to these deficiencies, and how you can overcome them by employing best practices. 

Key Topics: 

Estimates 

Internal controls 

Documentation 

Risk Assessment 

Field(s) of Study: Auditing
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The AICPA has issued a suite of standards updating the auditor’s report. In this course, we will review SAS 134 in detail which provides the basis for the updated audit report and introduces the concept of KAM. Then we will provide an overview of the impact of this suite on other information included in an annual report, ERISA reports, special purpose frameworks, and compliance audits. This course is essential for auditors of all levels and will provide the overview you need to consider how to draft your updated audit reports. 

Key Topics: 

New audit report 

Materiality 

EBP reporting

Field(s) of Study: Auditing
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GASB Statement No. 84, Fiduciary Activities, made major changes to the requirements for reporting fiduciary activities. This course will review the key requirements to determine whether an activity should be reported as a fiduciary activity or as a governmental or business-type activity. Attendees will be able to test their knowledge with case studies. The course also addresses amendments to GASB 84 in particular those for defined contribution plans. 
Key Topics: 
  • Definition of control 
  • Impact of direct financial involvement and administrative involvement 
  • GASB Statements No. 84 and 97 
Field(s) of Study: Accounting Governmental
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LIBOR is currently the benchmark for over US $350 trillion in financial contracts worldwide. Yet in 2021, LIBOR (and related IBORs) are going away. The global response to reference rate reform is requiring standard setters to provide practical expedients and exceptions to current modification guidance. This course will review the FASB and GASB standards issued to provide relief for impacted entities. 

Key Topics: 

Reference rate reform 

LIBOR and SOFR 

Field(s) of Study: Accounting
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Professional conduct and ethical behavior form the  cornerstone of the CPA profession. In our profession, ethics is more than just the possession of a strong moral compass. CPAs must understand recent Professional Ethics Executive Committee interpretations impacting the Code of Professional Conduct and be able to apply them to their practice. In this course, we review the new interpretations and provide practical guidance on their impact. We'll also review the projects on PEEC's three-year plan.


Key Topics

Hosting

Records Requests

PEEC Three-year Plan

Information System Services

NOCLAR

Field(s) of Study: Regulatory Ethics
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    Learning Objectives

    • Describe changes to AICPA Professional Ethics Code 
    • Recognize projects that may impact the profession in the future

    Level

    Update

    Prerequisites

    Prior experience with the AICPA Code of Professional Conduct. 

    Advanced Preparation

    None

  • Events
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*** This course is for CPAs licensed in the Commonwealth of Virginia and has been approved by the Virginia Board of Accountancy in 2021.  ***


Professional conduct and ethical behavior form the cornerstone of the CPA profession. In our profession, ethics is more than just the possession of a strong moral compass. CPAs must understand recent Professional Ethics Executive Committee interpretations impacting the Code of Professional Conduct and be able to apply them to their practice. In this course, we review the new interpretations and provide practical guidance on their impact. We'll also review the projects on PEEC's three-year plan.


Key Topics

Hosting

Records Requests

PEEC Three-year Plan

Information System Services

NOCLAR

Field(s) of Study: Regulatory Ethics
  • More Info

    Learning Objectives

    • Describe changes to AICPA Professional Ethics Code 
    • Recognize projects that may impact the profession in the future

    Level

    Update

    Prerequisites

    Prior experience with the AICPA Code of Professional Conduct. 

    Advanced Preparation

    None

  • Events
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Governmental accounting is very unique. This course will introduce the financial reporting basics for governments, including fund accounting and modified accrual accounting. We will discuss budgetary accounting and the use of encumbrances. We will review the rules on exchange and nonexchange transactions. We’ll also analyze the layouts of the fund financial statements as well as the government-wide financial statements. The class will also cover the concept of component units and close the accounting section with a discussion on the concepts of Management Discussion & Analysis (MD&A) and other RSI that are specific to governmental entities.

Field(s) of Study: Accounting Governmental
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Nonprofits face unique accounting issues.  This session will introduce attendees to the financial statements and unique accounting principles applicable to not-for-profit organizations. Specifically, this session will focus on the typical transactions and account balances unique to NFPs, including, net assets, agency transactions, contributions, endowments, and programmatic investments.

Field(s) of Study: Accounting Governmental
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Single Audits are an area of focus for the AICPA's Enhancing Audit Quality Initiative. The Uniform Guidance provides very unique audit requirements when auditing federal funds. This course will look into the unique performance and reporting requirements in Single Audits. Participants will have a basic understanding of internal controls over compliance, compliance requirements, how to use the Compliance Supplement, and the elements of a finding in a Single Audit.

Field(s) of Study: Accounting Governmental
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Performing engagements in accordance with Generally Accepted Government Auditing Standards (GAGAS or “Yellow Book”) requires additional reporting, ethics, and performance requirements. This course will identify and review the guidance found in the Yellow Book and analyze the relationship between Government Auditing Standards and the AICPA Code of Professional Conduct. We will review the Yellow Book requirements for financial statement audits while also touching upon ethical principles and independence.

Field(s) of Study: Accounting Governmental
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