Accounting & Auditing Update for Small Businesses (4 hours - morning)

Overview

For many small businesses, the standards issued by the FASB may have little to no effect as they impact topics that do not reflect the type of transactions that these entities most frequently experience. This class will focus on the Accounting Standards Updates (ASUs) that are most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC). We’ll then look at alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don’t necessarily need to prepare GAAP financial statements but want to use accrual accounting. Finally, we will transition to audit standards that small business auditors will need to implement.

Highlights

Accounting Standards Updates (ASUs) most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC)
Alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don't necessarily need to prepare GAAP financial statements but want to use accrual accounting
Review of audit standards that small business auditors will need to implement

Prerequisites

Prior experience with GAAP & GAAS

Designed For

CPAs and Accounting Professionals

Objectives

Recall ASUs impacting small businesses
Identify reporting options for small entities other than GAAP
Recognize the changes to quality required of small firms

Fees

Code

Credits

Level

Vendor

Fields of Study

Leader(s):

Melisa Galasso, CEO, Galasso Learning Solutions LLC

Leader Bios

Melisa Galasso, CEO, Galasso Learning Solutions LLC

Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.

Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.

Melisa is a Certified Professional in Talent Development (CPTD) and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.

She also serves on the FASB's Not-for-Profit Advisory Committee (NAC), AICPA Council, and the VSCPA's Board of Directors. She previously served on the AICPA's Technical Issues Committee (TIC) and is a past-Chair of the NCACPA's A&A committee. In addition, Melisa authors the AICPA's State and Local Government Guide and serves as a SME for the Center for Plain English Accounting.

Melisa is a 2020 Enterprising Women of the Year Award recipient and was honored as a "40 under 40" by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.

(3/19/21)

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