January 2021 Edition

Happy New Year! January 2021 may be one of the slowest months in standard setting in a while. We think it was a much-needed reprieve! The AICPA did issue Technical Questions and Answers (TIS) Section 9550: Performing a Third-Party Assessment Engagement Under a Third-Party Assessment Program, which provides guidance on what qualifies as a third-party assessment program and what standards CPAs would follow. The ASB also met in January and based on the voting, we know February and March won’t be as light!  FASB also issued two ASUs in January. ASU 2021-01: Reference Rate Reform (Topic 848): Scope expands the scope of reference rate reform to contracts indirectly impacted by the termination of LIBOR. ASU 2021-02: Practical Expedients provides a practical expedient and accounting policy election for identifying performance obligations for private company franchisors.  Both were very narrow in scope. GASB met in January but didn’t issue any exposure drafts or final standards. The team at GLS wishes you all a very happy new year and an uneventful busy season!


While January was a light month for issued and exposed standards, there was a lot of work going on behind the scenes. The Auditing Standards Board (ASB) met in January and approved a complete overhaul of the quality control standards (now called quality management). The proposal should be issued in February and includes 3 different exposure drafts. They also approved some changes to AU-C 210 proposing new requirements for successor auditors. Meanwhile, GASB met for a week in January and continued to discuss major changes to the financial reporting model as well as several smaller projects. They also announced their new Technical Director, Alan Skelton, to replace David Bean who is retiring after 30 years with the GASB. FASB, in their only meeting of the month, discussed segment reporting. But rest assured, things will get much busier for the organization as 4 meetings are planned in February.

We hope 2021 brings much joy and prosperity and significantly less drama than 2020! Can you feel the positive vibes we are sending for an uneventful busy season? 

Catch up on the Latest GLS Video Blogs
January 28, 2021: The World Economic Forum released its 2020 Future of Jobs Report, which looks at the impact of technology on the job market. The report addresses the impact of COVID, a rise in online learning, and the need for reskilling. The jobs of tomorrow continue to require a different set of skills and it's up to us to help prepare our teams for this change. This blog provides a high-level overview of some of the key takeaways from the report.
January 21, 2021: In 2019, the AICPA issued a consultation paper for feedback on the projects PEEC should address. After evaluating the feedback, PEEC has issued its Strategy and Work Plan for 2021-2023 which includes standard-setting and member enrichment projects. This week’s blog addresses what projects made the cut and when the projects will be kicking off.

January 14, 2021: FASB has issued a proposal to adjust the timing for when private entities and nonprofits would be required to identify triggering events for goodwill impairment. After initially identified by the AICPA’s Technical Issues Committee (TIC), it was determined that the cost and complexity associated with an interim consideration for an annual reporting outweighed the benefit. Comments are due January 20.

January 7, 2021: We’re kicking off the year with our annual year in review. This week’s blog focuses on the standards issued in 2020 by the AICPA, FASB and GASB. We’ll give a quick executive summary of what was finalized in 2020 for each standard-setter as we kick off a new year and look forward to what is ahead in 2021.
Save the date!

On February 23, GLS will celebrate its fifth year of being in business!

According to Fundera, only 50% of small businesses make it to the five-year mark. GLS is proud of our progress throughout the years and of our hardworking and dedicated team that has gotten us to this milestone. We are also thankful to our clients for supporting us and helping us grow over the years through referrals and testimonials.

If you would like to help us celebrate our 5 Year Anniversary, please share your favorite memory with GLS or even just send some positive vibes by clicking the blue button below. We will be posting these comments on our social media on February 23 to celebrate.   

Thank you for supporting our woman-owned business and cheers to many more years working together!

Share Your Positive Vibes Here
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Galasso Learning Solutions 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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GOTR 25th Birthday!
Girls on the Run (GOTR) is celebrating its 25th Birthday and is hosting a free virtual birthday bash in honor of this incredible milestone on March 25th. Girls on the Run inspires, empowers, and transforms the lives of so many girls. This virtual event will feature a discussion panel with experts and athletes about building confidence in girls through sports, stories of impact from Girls on the Run CEO, and an inspiring keynote from Hoda Kotb.

Our CEO/Founder, Melisa Galasso, has the honor of serving as an Event Host. As someone who recognizes the importance of building confidence in girls, she would love for you to join her as her guest! Please visit HERE to learn more and RSVP (and don’t forget to add Melisa's name as the Host). 
Where in the World?
Over the holiday break, Melisa and her family were able to take a vacation to the Dominican Republic. After four canceled trips in 2020, Melisa was happy to get away and relax. The resort was only at 25% capacity, so she relaxed at the pool and read the eight books she brought along with her while Frank and their daughter zip lined through the rainforest. Not only was this a family vacation, but also a celebration of a milestone birthday for Melisa, so she spent the big day at the spa with her daughter for some quality mother/daughter time. After ringing in the new year at the resort, the family had one last excursion booked to see where the Atlantic Ocean meets the Caribbean Sea.

Here's hoping that 2021 brings some more safe travel!
WOTY: Leadership
Melisa's Word of the Year for 2021 is Leadership! Leadership is defined as "the art of motivating a group of people to act toward achieving a common goal".

In line with this theme, Melisa is attending Disney's Approach to Leadership Excellence online live course in February, where she will further develop the skills needed to lead GLS to long-term success.  Furthermore, Melisa will be joining the AICPA Council in May. Council guides AICPA programs and policies and works to protect the public interest. Melisa is excited to be able to participate as an at-large member for the next 3 years and to help shape the future of the profession! Lastly, Melisa continues to develop the GLS team by bringing together the employees and trainers with the capabilities needed to best assist our clients.
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