April 2021 Edition

While April did not bring with it many proposed or issued standards, a lot was still happening in standard setting. The FASB did not issue any proposed or final standards in April. However, its board meetings were filled with very interesting discussions. They are working on prioritizing their agenda and a proposal should be coming out this summer asking for feedback on their next projects. They also decided at a meeting in April to ditch the balance sheet classification of debt project which should make many CPAs very happy. The Private Company Council (PCC) met with FASB in April and provided feedback on several standards. GASB proposed to change the name of the Comprehensive Annual Financial Report as its acronym when pronounced can be interpreted as a racial slur. We've covered that in a blog this month. The AICPA updated a Technical Q&A on how hospitals and doctors should account for certain funds from the Provider Relief Funds. In May, the AICPA will hold meetings with the Technical Issues Committee, the Auditing Standards Board, Peer Review, and ARSC. With 2021 being the second straight year with a longer than normal busy season, we hope this lighter month allowed you to find some time for friends and family.

One thing we've learned from needs assessments over these past five years is that firms usually want 12-16 hours of content for each 8 hours of course they have contracted. That is probably driven by the pace of standard setting and a desire to make sure that the content meets the needs of everyone in the room. In 2021, we've added a new offering for firms (and individuals) with pre-recorded content. Some firms have opted to use the pre-recorded content as prerequisites for newer staff so they could focus the live course time on updates and changes. Others have opted to use recorded content for topics where only a niche group of people would find it relevant but very important. The courses are scheduled based on the firm's availability and a course can be scheduled multiple times to ensure everyone can attend. Courses taken in this manner include a chat feature where questions are answered live during the session. Individuals who are looking to supplement CPE are also able to find timely and reasonably priced alternatives. In May, we will be offering multiple options for a 4-hour GASB Update, 4-hour NFP Accounting Update, as well as two different alternatives for 2 hours of ethics (one AICPA and one GAGAS). You can check out the pre-scheduled courses here or contact us to set up a course at a time convenient for you or your team. So far the feedback has been very positive: "I really like the teaching. I thought it was very comprehensive and informative.  I especially appreciate that I can go back and re-listen to a section if I need to. Thank you for providing this service!"
Catch up on the Latest GLS Video Blogs
April 22, 2021: GAO has issued a technical update to Yellow Book. In a very rare move, GAO has made modifications to a handful of paragraphs in the 2018 Yellow Book. The updates address the concept of equity, SKE for nonaudit services, and changes to the evaluation of internal controls for performance audits. Updates were effective upon issuance.
April 15, 2021: The GASB has issued an exposure draft to amend the name of the comprehensive annual financial report to the Annual Comprehensive Financial Report. The currently spoken acronym is offensive in some cultures and reordering the terms will alleviate unintended insults. There are no changes to the contents or use of the report, just the title. Comments are due July 9, 2021.

April 8, 2021: Today's blog looks at a movement to develop internationally applicable financial reporting guidance for non-profit organizations. IFR4NPO has issued a consultation. This blog looks at Part 1 of the proposal which includes scope and overall conceptual framework to be used in the development of this international standard. Comments on Part 1 are due by July 30, 2021.

April 1, 2021: The first quarter of 2021 is a wrap. It was a light quarter for standard setting and given everything else we have going on, that’s probably not a bad thing! This blog covers the few standards that were finalized in Q1.

Last chance to get an update on not-for-profit accounting while earning 2 CPE accounting credits from a presenter with "great energy". 

Join Susan Stutzel on May 25th at 1pm EST as she presents “What’s Going on in NFP Accounting.” Susan will look at recently issued standards directly impacting nonprofit entities and also review FASB standards that can impact various Not-For-Profits. She will close with a look at some COVID accounting impacts. This course will help preparers and auditors think about the big picture items they need to be considering for nonprofit financial reporting.

Let GLS sweeten the deal - Use code NFP25 to get 25% off! Don't wait and sign up today!

Register Here
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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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GLS offers over 125-Credits of Recorded Content covering dozens of topics and fields of study.  Licensing recorded course packages through GLS will improve the CPE offerings that you provide to your clients while saving your organization time and money.  GLS recorded course packages are designed to be easily and flexibly incorporated into almost any learning software platform. Course packages include high definition, video lecture by Melisa in an easy-to-use MP4 format designed with streaming in mind; vivid, eye-catching PowerPoint slides; knowledge check and final exam questions and solutions; and all NASBA-required descriptions and details. See our Course Catalog and contact us today!
Where in the World?
Melisa and family took a quick day trip to Wellington, Florida for a horse shopping extravaganza. Melisa's daughter is an aspiring equestrian with a large interest in jumpers. Her trainer found a lead on a possible horse that would fit the bill. It was a long day for the family with the flight to Florida at 7:15am with the return flight the same day at 7:30pm. 

After taking a test ride on the horse and executing multiple jumps at the seller's farm, the family decided it was in fact the right horse and decided to move forward with the purchase. The family was able to stop in to see some pros competing at WEF before returning home. The Galasso's look forward to welcoming Cash Z to the family after his journey north to Charlotte soon.
Taxes Due?
Tax Day is always April 15, right? Wrong! Income tax was first introduced in 1861, repealed in 1872, and reintroduced in 1894. In 1913, the 16th Amendment was ratified, which set the filing deadline for March 1. In 1918 it was moved to March 15 and then moved to April 15 in 1955. 

However, if April 15 falls on a weekend or civil holiday the deadline is extended to the next working day. Furthermore, an extension could also affect certain states like in 2007 when residents of some states were granted an extension after a Nor’easter storm or when there was an extension for Washington DC due to Emancipation Day. And as well as know, the past two years have been affected due to COVID-19!
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Galasso Learning Solutions · 2427 Becket Ridge Rd · Charlotte, NC 28270-0889 · USA

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