2020 Not-for-Profit Accounting and Auditing Update

Melisa F. Galasso, CPA, is the founder and CEO of Galasso Learning Solutions LLC. She designs and facilitates courses in advanced technical accounting and auditing topics, including not for profit and governmental accounting. Galasso is a Certified Professional in Learning & Performance (CPLP) and has earned the Association for Talent Development Master Trainerâ„¢ designation. She also serves on the FASB's Not-for-Profit Advisory Committee (NAC), the AICPA's Technical Issues Committee (TIC), has had leadership roles on various A&A committees, and serves on the VSCPA's Board of Directors. She is a 2020 Enterprising Women of the Year Award recipient and was honored as a "40 under 40" by CPA Practice Advisor in 2017 and 2018. 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.

• Chapter 1 1-1AICPA Activities 1-1Recently issued auditing and attestation standards 1-2SAS No. 135 1-12SAS No. 137 1-13SAS No. 138 1-15SSAE 19 1-16SSAE 20 1-17Recently issued changes to the Code of Professional Conduct 1-18Other projects to monitor 1-222018 mid-year progress report – Enhancing Audit Quality 1-23Addressing common audit deficiencies 1-25Appendix 1A Chapter 1, A-1Documentation Case Study Chapter 1, A-1Appendix 1B Chapter 1, B-1Example Auditor’s Report and Case Study Chapter 1, B-1Appendix 1C Chapter 1, C-1Not-For-Profit Accounting and Audit Competency Resource Chapter 1, C-1Chapter 2 2-1FASB Activities 2-1Revenue recognition and leases 2-3ASU No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made 2-8ASU No. 2016-02, Leases (Topic 842) 2-10Other recent FASB standards 2-16ASU No. 2016-13 2-17ASU No. 2016-15 2-19ASU No. 2016-18 2-21ASU No. 2017-04 2-23ASU No. 2017-07 2-24ASU No. 2017-08 2-25ASU No. 2017-10 2-26ASU No. 2018-13 2-27ASU No. 2019-03 2-28ASU No. 2019-06 2-29ASU No. 2019-10 2-30Staff Q&A on whether private companies and NFP entities can apply Staff Accounting Bulletin (SAB) No. 118 2-31Relevant outstanding exposure drafts 2-32ASU No. 2016-14 2-33Appendix 2A Chapter 2, A-1Revenue Recognition Case Study Chapter 2, A-1Chapter 3 3-1Federal Government Activities 3-1Government Auditing Standards, 2018 Revision 3-2OMB Compliance Supplement 3-4Uniform Guidance refresher 3-11Uniform Guidance — SEFA 3-17Uniform Guidance — Determination of major programs 3-20Uniform Guidance – Reporting considerations 3-26Protected personally identifiable information 3-32Uniform Guidance — Procurement standards 3-33Cost principles in a single audit 3-35Government-wide audit quality study 3-40Proposed changes to the Uniform Guidance 3-41Common deficiencies found in single audits 3-44Appendix 3A Chapter 3, A-1Major Program Determination Case Study Chapter 3, A-1Glossary Glossary 1Index Index 1Solutions Solutions 1Chapter 1 Solutions 1Chapter 2 Solutions 7Chapter 3 Solutions 12