Accounting & Auditing for Governmental Employee Benefits

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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.

GASB Statement No. 68, Accounting and Financial Reporting for Pensions, represented a monumental change for those that prepare financial statements for and audit governmental pensions. GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, apply many of those changes to governmental other postemployment benefits. This course provides in-depth examples and exercises which allow participants practical application of the concepts presented.

Learning Objectives

Identify the new employer accounting requirements for public sector other post-employment benefit plans. Analyze the employer accounting requirements for public sector defined benefit and defined contribution plans. Interpret the substantial changes to actuarial methods and assumptions used to determine the accounting numbers. Calculate net pension liability (asset), net OPEB liability (asset), pension expense, OPEB expenses, and deferred inflows and outflows of resources related to pensions and OPEB and identify how they are displayed in the financial statements. Distinguish the various roles of the key players in the context of employer management, plan administrators and external parties. Apply the best practice solutions in single employer, agent multiple employer and cost-sharing multiple-employer plan audit engagements. Prepare and audit the required employer pension and OPEB note disclosures and RSI. Identify various practice issues encountered while preparing or auditing the pension and OPEB numbers and identify possible solutions.

Major Topics

Accounting and reporting by governmental employers in accordance with GASB Statement Nos. 68 and 74 Best practices for auditing single and multiple employer plans Possible practice issues and practical solutions Pension and OPEB note disclosures and RSI

CPE Credits Available

8 CPE

8: Accounting & Auditing

Things to Know About This Course

Course Level

Intermediate

Professional Area of Focus

Governmental

Prerequisites

Prior experience with governmental accounting and reporting

Advanced Preparation

None

Intended Audience

Auditors and financial managers responsible for the accounting and reporting of state and local governments