May 2021 Edition
After what feels like the longest busy season ever, we hope you are able to take some time and enjoy the holiday with friends and family! GLS will be closed Monday so our team can enjoy the holiday with their family.

The FASB issued one final standard and one proposal in the month of May. Proposed ASU 2021-002: Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method addresses implementation issues for the new hedging standard. ASU 2021-04: Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the Emerging Issues Task Force) provides very very niche guidance on when a freestanding equity classified written call option (think warrant) is modified or exchanged and stays classified as equity. This standard will likely not impact very many entities,  but for those who are impacted it will likely be very welcome guidance. The AICPA met with all of their major standard setting boards in May including the Auditing Standards Board, Accounting & Review Services Committee, and the Professional Ethics Executive Committee and Council. Expect more guidance to come out over the summer. GASB has been also busy working through some bigger standards. 
May was an action-packed month at GLS. Always one of our busiest months of the year, May marks a return of CPE at record-breaking speeds. Due to COVID and virtual learning, one day Melisa was able to lead four sessions for three difference conferences in three different states. Definitely something that couldn't have been done in a live environment! While there were plenty of conferences, government and nonprofit sessions with firms dominated the calendar. Many firms opted for 4 hour sessions this year which had Melisa teaching one topic in the morning and a completely different topic in the afternoon for a different client. We are so grateful for this seasonal pick up in CPE and our returning client percentage is already exceeding expectations.

Melisa personally wants to send a big thank you out there to everyone who helped with her Certified Speaking Professional (CSP) Certification. GLS is very proud to announce that the designation was awarded to Melisa this month after several months of paperwork, interviews, surveys and a demo! Melisa is now officially certified as a CPA, Certified Professional in Talent Development (CPTD) and Certified Speaking Professional (CSP). Combining accounting, instructional design and speaking skills really envelops all she is passionate about! All of you are part of that story and we are so grateful to work with you!
Catch up on the Latest GLS Video Blogs
March 27, 2021: President Biden has issued an executive order requiring federal agencies to look at financial risk related to climate change including potentially requiring public entities to disclose certain items. ESG disclosures are a growing area for disclosures and entities like the SASB and GRI have been providing best practices.
May 13, 2021: The AICPA has extended the comment period for the trio of Quality Management proposals from June 11, 2021 to August 31, 2021; likely due to the extended tax season and lots of other exciting happenings. They have also provided a few glossary documents that provide executive summaries about the proposals and a sample comment letter template for those who may not be comfortable with writing feedback from scratch. They are also hosting a series of round tables in May and June that are open to the public that will feature a summary of the proposed statements followed by a live Q&A. Each roundtable will offer up to 1.5 hours of CPE and be limited to no more than 50 participants.
May 6, 2021: The International Ethics Standards Board for Accountants® (IESBA®) has issued two new ethics standards. The first addresses fee-related prohibitions. Firms may not permit the audit fee to be influenced by the provision of services other than the audit to the audit client. In addition, they revised the non-assurance services rules to clarify the circumstances in which firms may provide nonassurance services to an audit or assurance client.
Happy Work Anniversary!

This month GLS Project Manager, Kristina Medina, celebrates her one year work anniversary with GLS.

Kristina has been an essential part of our organization's journey and success. Her attention to detail helped GLS organize and deliver the largest number of webinars ever in one year while maintaining high standards of quality. You may have received emails from Kristina to help your training stay on schedule and to include the right people as she is our touch point with clients. She is always willing to help and go the extra mile for our clients and we appreciate her positive attitude - especially during busy season!

We are incredibly grateful for the dedication and passion she has shown. Thank you, Kristina, for being with GLS this past year and we look forward to many more years working together.

Happy Work Anniversary!

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Big 4 Birthdays
In May we celebrate the birthdays for two of the Big 4 founders.

Sir George Alexander Touche was born on May 24, 1861 and was a British accountant and politician. After University, he became a chartered accountant and left for London to join Broads, Patterson & May. Later in his career, he became the chairman of the Industrial and General Trust. He was knighted in 1917 and founded one of the firms which merged to create Deloitte Touche Tohmatsu. 

Reinhard Goerdeler was born on May 26, 1922 and was a German  accountant who was instrumental in founding KPMG. He joined Deutsche Treuhand-Gesellschaft (DTG) and worked his way to chairman. He eventually founded and became chairman of KPMG in 1987. Goerdeler was also the first president of the International Federation of Accountants (IFAC). 
Where in the World
Melisa attended the virtual spring AICPA Council and Annual Members’ Meeting where she was was officially appointed to the AICPA Council.  The virtual session included updates on the profession and the economy with a mix of business session. The Council topics included Adapt and Thrive (a Professional Issues Update), a Finance and Operations session with approval of dues for the upcoming year as well as an update on the Enhancing Audit Quality initiative. The session also included a review of the current legislative and regulatory landscape, a 2021 economic forecast that was incredibly interesting, and a focus on accelerating management focus in the US. Fun was also had with a Networking and Social Event where attendees chose between Dueling Pianos or a Mixology Class. On May 26, the business sessions included a report of the Nominations Committee and the Inauguration of the 108th Chairman, Bill Pirolli.
Happy Mother's Day
The exact origin of Mother’s Day is somewhat contested but the practice of celebrating mothers goes back centuries. Many credit Julia Ward Howe and Anna Jarvis who advocated for a holiday devoted to a day of peace. Many individual states dedicated a day to celebrating mothers. However, it wasn’t until President Wilson lobbied Congress in 1914 that Mother’s Day became an official holiday. 

On May 9, 1914, President Woodrow Wilson issued a presidential proclamation that officially established the first national Mother’s Day holiday. The second Sunday in May was chosen to celebrate Mother’s Day "as a public expression of love and reverence for the mothers of our country."

GLS hopes that all of our clients, family and friends who are mothers or have mothers were able to celebrate their day with loved ones. 
Can we help answer your questions?
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.

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