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March 2021 Edition
 

March is one of those months that is either incredibly painful or incredibly kind. We hope for many of you it was the latter! Standard-setters were enjoying some time off (not that I think any of you will mind). FASB promised us the new goodwill triggering event ASU would come out by "the end of the quarter" and boy did they cut that one close! ASU 2021-03, Accounting Alternative for Evaluating Triggering Events, was issued on March 30th. As promised it provides some relief for entities who experienced a triggering event during their fiscal year but recovered prior to their year-end. It is definitely worth a read for nonprofits or nonpublics with goodwill who had potential impairment triggers due to COVID-19. The AICPA and GASB didn't issue a single new standard or proposal. We'll make sure we send them a thank you letter soon! Enjoy the slow period, you've earned it. There's plenty coming down the pike!

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LATEST FROM GALASSO LEARNING SOLUTIONS
 

While most of our clients are in their busiest of busy seasons with lots of twists and turns along the way, the first quarter of every year is typically the slowest at GLS. However, we don't sit back and relax (well, maybe a little). We take this time to work on internal processes, training, and recording of 2021 course content. In fact, Melisa is in the process of recording over 100 hours of content for on-demand and proctored rebroadcasts. Our entire catalog will be available in May 2021. We've also spent the last quarter really focused on updating our website. You'll see some new features there including separating out our offerings for firms from conference planners and individuals. Finally, GLS has also partnered with AdvancedCPE to offer proctored rebroadcasts. These can be taken by individuals or scheduled by firms to get quality CPE in a more convenient way while still meeting NASBA requirements for live online. If you or your firm are interested in one of our recorded topics and would like to schedule a course at a time convenient for you please reach out to Frank at operations@galassolearningsolutions.com and we'll get it on the calendar for you.

In Q1, GLS has also been focused on our own internal training. Melisa completed two Disney Institute courses with a third scheduled for later this year. Our team brought in an Enneagram expert to talk about internal communication and teamwork which was a lot of fun!  So even though Q1 is lighter for the CPE industry, we have definitely found ways to keep busy!

 
Catch up on the Latest GLS Video Blogs
 
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March 25, 2021: GASB has issued a proposal to address diversity in practice as well as common deficiencies related to reporting compensated absences. The proposal addresses PTO and sabbaticals as well as provides a single method of accounting for leave. The proposal includes the use of FIFO to account for the amount due in one year and also provides guidance on using the current pay rate for recognition of the liability. Comments are due June 4th.
 
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March 18, 2021: The AICPA has issued a Technical Q&A to address common questions regarding what qualifies as a third-party assessment and which standards including independence should be applied by the third party. The TQA provides guidance on what qualifies as a TQA, which independence rules apply and which standards can be used by CPAs.
 
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March 11, 2021: The AICPA’s Professional Ethics Executive Committee (PEEC) has issued an updated proposal around reporting noncompliance with laws and regulations (NOCLAR). Originally issued in 2017, PEEC has been trying to converge with the international standards while addressing unique US issues. The proposal includes separating the requirements for those in public practice between those providing attest services and those providing services that are not attest services. It also provides other clarifications in response to the comment letters received in the first proposal. Comments are due June 30.

 
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March 4, 2021: The AICPA has issued a very narrow proposal to add a new requirement for successor auditors to discuss suspected fraud and NOCLAR with predecessor auditors if granted permission by management as part of the client acceptance process. This is the first of two blogs addressing new requirements regarding NOCLAR.
 
 
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Are you a CPA in public practice or industry serving nonprofit organizations or do you serve on a nonprofit Board of Directors?

Join Susan Stutzel on April 22 at 1pm EST as she presents “Best Practices in Preparing the Form 990.” Susan will provide an overview of the Form 990 and how it can be used to tell an Organization’s story. Susan will de-mystify the annual reporting so you understand why it is an information return and not a tax return. She will identify best practices in preparing the Form 990 as well as highlight areas that every reviewer should watch for. This course will help participants recall the structure and core components of the Form 990, identify key metrics that contribute to a solid Form 990 and recognize best practices in utilizing the Form 990 to tell their Organization’s story. 

Susan specializes in nonprofit auditing and consulting. For nearly two decades, she has worked in both public and private accounting, and in that time discovered her passion lies in serving clients in the nonprofit industry. Her desire to work with NFP organizations stems from a desire to be surrounded by equally passionate individuals who want to change the world.

 
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GLS customizes training using instructional design techniques and a unique needs assessment to provide the right mix of learning experiences to each of our client partners. This means that our courses are designed for adult learners and the topics we cover are customized to the needs of your team.
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Welcome Teresa!
 
Teresa Holliday joins Galasso Learning Solutions as a Marketing Specialist with over two years of experience in marketing across various industries. She prioritizes continuous learning by researching and regularly attending webinars on topics such as SEO, analytics, web design, and other online marketing tools. She is currently pursuing her MBA in Marketing Management at The Peter J. Tobin College of Business at St. John's University. She graduated cum laude with a BS in Hospitality Management from St. John's University and received an award for exemplary service and communication. Teresa has a passion for traveling and currently lives on Long Island, NY.
 
 
 
Where in the World?
 
During Spring Break, Melisa and her family returned to the Dominican Republic. Unfortunately, their scheduled Iceland trip was cancelled but DR is not a bad consolation prize! With hotel capacities still at 20% and free COVID testing available to tourists, this was the safest option for the family. They visited Scape Park at Cap Cana and saw parrots, monkeys and iguanas in their natural habitat. While there, they also swam in a cave. They then visited Blue Hole and free dived into the crystal blue water. They ended their vacation with a day of snorkeling and saw a variety of fish and underwater life close up.  Hopefully soon Melisa can travel to her amazing clients!
 
 
 
NYSE History
 
Besides being Women's History Month, March also has an important date in regards to finances. On March 8, 1817, the New York Stock Exchange was officially established. Twenty-five years earlier, on May 17, 1792, twenty-four stockbrokers signed the Buttonwood Agreement on Wall Street in New York City. This agreement formed a centralized exchange for the expanding securities market in the United States. It also eliminated the need for auctioneers, set a commission rate, and focused mainly on government bonds. The organization developed beyond government bonds and bank stocks and became the financial center of the United States.
 
 
 
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