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June 2021 Edition
 
The AICPA has issued SAS 144: Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources. This standard adds additional context to SAS 143 and provides guidance on pricing guidance. The FASB issued another proposal related to their Leases standard. Proposed ASU 2021-003: Leases (Topic 842)-Discount Rate for Lessees That Are Not Public Business Entities allows the election of a risk free rate for a discount rate for leases at the class of asset level in lieu of the current requirement that it be done for all assets. The FASB also issued their Invitation to Comment for their Agenda Consultation project. They are asking what we would like to see them work on next. We are sure they would like to hear your input! Finally, GASB issued Implementation Guide No. 2021-1: Implementation Guidance Update-2021 with FAQs on a variety of areas but with a heavy focus on GASB 87, Leases. They also issued an exposure draft: Accounting Changes and Error Corrections. While all standard setters have some big projects on their plate, it looks like there may be a slow down this summer to allow for some much needed R&R!
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LATEST FROM GALASSO LEARNING SOLUTIONS
 
You probably noticed this newsletter is a little earlier in the month than normal. That's because the GLS team is taking 2 weeks off to rest starting on Monday. We close for 2 weeks in the summer and 2 weeks at the end of the year to give our team the opportunity to spend time with family, travel and come back excited for work. Melisa and Frank are taking the opportunity to travel and are hitting the islands of Greece. Kristina is moving into her new home she purchased in Atlanta. Teresa will be relaxing and spending plenty of days at the beach. So while we'll be quiet for the next two weeks, know that we'll be busy doing other things!
 
Catch up on the Latest GLS Video Blogs
 
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June 24, 2021: The AICPA and NASBA have issued information about the changes coming to the CPA exam. They have released the new model curriculum which provides insight into the 3 core areas of the CPA exam content (broadly described as accounting, auditing and tax with a focus on IT and data) as well as the 3 discipline areas (accounting, IT and tax). The topics are broken out into modules and learning objectives for a new look at what we expect from the CPA of the future.
 
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June 17, 2021: The FASB has issued an exposure draft regarding the use of the discount rate alternative offered to nonpublic entities. After receiving feedback that the risk free rate was not as widely adopted due to relatively low interest rates, the FASB is now proposing permitting the use by class of assets as opposed to the current requirement at the entity level. Comments are due July 16, 2021.
 
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June 10, 2021: The GASB has issued an exposure draft, Accounting Changes and Error Corrections an amendment of GASB Statement No. 62, to update an area of accounting that hasn’t seen much change. The original guidance came from FASB standards that date back to the 1970s. The GASB reviews the guidance through the lens of a governmental entity and provides definitions as well as accounting guidance on accounting changes and error corrections. Comments are due August 31, 2021.
 
 
 
Employee Spotlight ~ Frank
 
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Our Director of Operations, Frank Galasso is celebrating his three-year anniversary with GLS (although his true start date is a bit hazy)! Frank plays an integral role in the business by managing operations, technology, finance, and other back-office functions. From maintaining accurate financial records, to ensuring NASBA compliance, to operating audio-visual equipment and editing videos, Frank does a little bit of everything.

Before joining GLS, Frank spent 14 years in various finance roles at Accenture. While at Accenture, he at different times led FP&A efforts for a $6B operating group, managed a 20+ person global finance team, and created financial models to support the pricing of large, long-term engagements. Outside of work, Frank enjoys hiking, going to equestrian events, and playing tennis.

If you have questions for GLS regarding finance, invoices, or compliance, Frank has the answers. You can contact him at operations@galassolearningsolutions.com

 
 
 
 
Helpful Links:
 
 
 
 
Goal Check-In
 
We are halfway thru 2021 and the GLS team wanted to check-in on the status of your yearly goals!

Hopefully you were able to achieve your goals or are at least halfway there. Whether you wanted to start traveling after what seems like an eternity in quarantine, or saving more money to achieve some of your financial goals, or even deciding to focus more on your personal life after seeing the benefits of the work-life balance - it is important to make sure you stick to finishing the goals you set for yourself.

So if for some reason you didn't get to checking off the boxes on your list of goals, there is still plenty of time to take action!
 
 
 
Where in the World
 
Melisa is back on the road again after more than a year hiatus due to COVID-19!

Her first business trip was in Decatur, IL. She felt a little bit like a kindergartener before the first day of school. She had to locate the gadgets for her laptop, replace her toiletries for traveling, and found her real work pants stored away in the depths of her closet.  Melisa’s second trip was to Nashville, TN. She loved seeing smiling faces in the crowd for her A&A Update and of course no trip to Nashville could be complete without some hot chicken from Hattie B’s! The third and last trip for June was to Denver, CO. This trip she got to mix business with pleasure and visited family that she has not seen in a while. 
 
 
 
Edwin Waterhouse
 
The birthday celebrations continue for June!

Edwin Waterhouse was born on June 4, 1841 in Liverpool, England. He was the son of a wealthy cotton broker. He attended University College London and became an accountant. Edwin co-founded the accountancy practice of Price Waterhouse that is now part of PricewaterhouseCoopers alongside Samuel Lowell Price and William Hopkins Holyland.

Edwin also co-founded The Law Debenture Corporation in 1889 alongside other prominent businessmen, politicians, and lawyers. He also served as president from 1892 to 1984 of the Institute of Chartered Accountants. 
 
 
 
Can we help answer your questions?
 
CONTACT US
 
 
Galasso Learning Solutions is a NASBA accredited sponsor of both Group Live and Group Internet Based delivery methods, allowing us to offer you more flexible options to meet your CPE needs and training budget. Visit our website to learn more about GLS and the many ways we have helped Professional Societies, CPA Firms, Governments, Companies, and Individual CPAs achieve their education goals. 
 

https://galassolearningsolutions.com

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Galasso Learning Solutions · 2427 Becket Ridge Rd · Charlotte, NC 28270-0889 · USA

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