Melisa Galasso's Annual Update for Governments and Not-for- Profits (YB)

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Instructor

Melisa
Galasso

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Melisa Galasso

Bio

Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with over 15 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 earned the Association for Talent Development Master Trainer™ designation and is in the process of completing the rigorous requirements to become a Certified Professional in Learning & Performance (CPLP).

Melisa’s passion for instructional design is one of the differentiators that sets her apart from other CPE providers. She serves on the AICPA’s Technical Issues Committee, has had leadership roles on various A&A committees, and serves on the VSCPA’s Board of Directors.

She was honored as “40 under 40” — by CPA Practice Advisor — in 2017 and 2018, was 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.

Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia.
She received a Bachelor of Science in Business Administration with a concentration in Accounting and International Business from Georgetown University.

The Government Accounting Standards Board (GASB) has been very busy lately. This course will review the accounting standards newly issued by GASB, including Compensated Absences, Public Private Partnerships and Subscription Based IT Arrangements. We will focus on the implementation of standards that will be effective in the near future. We’ll also discuss GASB’s current projects and exposure drafts so you better understand what’s coming down the road. Then we’ll switch gears and focus on governmental auditing. We will close with a look at the major changes in Single Audit and Yellow Book impacting governmental accountants and auditors. This session will also 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 asset classification, agency transactions, contribution accounting, endowments, and programmatic investments. We will cover accounting rules such as classifying contributions and recording restrictions, allocation of expenses to programs, and properly identifying conditions. We will review not-for-profit financial statements and their required elements.

Learning Objectives

Describe common deficiencies in Yellow Book engagements List changes to the Compliance Supplement Recall audit impact of CARES Act Funding Identify changes to governmental financial reporting Recall differences between commercial accounting requirements and nonprofit standards Identify unique elements of nonprofit GAAP

Major Topics

Effective GASB standards Nonprofit GAAP Update Yellow Book Update Single Audit Update

CPE Credits Available

8 CPE

4: Accounting (Governmental)
4: Auditing (Governmental)

Things to Know About This Course

Course Level

Update

Professional Area of Focus

Accounting
Auditing
Governmental and Nonprofit Accounting

Intended Audience

Ideal for practitioners and members in industry responsible for accounting & financial reporting for nonprofit or governmental entities

Provider

GSCPA