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Course Details

Overview of Topics

  • Addressing Contribution VS. Exchange

    7 mins
  • Recognition & Measurement of transactions

    48 mins
  • Nonprofit ASUs

    65 mins
  • GASB 84 - Fiduciary Activities

    110 mins
  • Subsequent Measurement of the Lease Asset Costs

    167 mins
  • 2018 Yellow Book Overview

    202 mins
  • Weaknesses in internal control that results in Waste & Abuse

    242 mins
  • COVID19 Impacts for Yellow Book

    279 mins
  • Professional Skepticism in remote audits

    338 mins
  • Compliance Supplement

    369 mins

Course Description

Accountants irrespective practicing in a specific industry or in public that has a special focus on non-profit as well as government entities have be updated with the changes in the rules. This is specialized course is designed keeping such audience in focus. 

If you have taken the first edition of this course, this course will brush up introduction and review of recent occurrences in non-profit and governmental accounting & auditing. 

However, if you have not taken the first edition of this course, the course will still be a very valuable addition to your knowledge and CPE credits. Its standalone value is unique for experienced professionals. Further it serves as a follow-up for the professionals who tool a recent course for Yellow Book Boot Camp.

This webinar will start to build on the foundational understanding in the areas of non-profit and governmental accounting and auditing. The webinar will address: 

  • Key accounting standards impacting non-profits and governments now and in near future;
  • Review the changes happening for governmental audits

This update webinar covers all four aspects of a Yellow Book Boot Camp:

  • Government GAAP Update
  • Not for Profit GAAP Update
  • Yellow Book Update
  • Uniform Guidance Update

Additional information on these components are as follows:

1. Government GAAP Update: 

GASB has been issuing standards impacting state and local governments. This course will focus on:

  • GASB 95 and its impact on effective dates 
  • GASB 84 - Fiduciary Activities
  • GASB 87 - Leases.

It will close with a review of GASB’s Technical Bulletin, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases, as well as GASB’s Toolbox for entities to consider the impact of COVID on financial reporting.

2. Not for Profit GAAP Update: 

This course takes a deep dive into revenue recognition for nonprofit entities. Attendees will be engaged through case studies to determine whether a transaction is a contribution or exchange transaction as well as whether a stipulation is a condition that impacts recognition. The course will also cover some additional guidance FASB has provided on cost-sharing as well as whether a requirement to follow a budget represents a condition. We then switch gears and look to standards directly impacting nonprofits including collections, gifts in kind, and goodwill. The course closes with a look at how nonprofits will account for PPP loans and how they can leverage ASU 2018-08 for accounting and financial reporting.

3. Yellow Book Update: 

The 2018 Yellow Book went into effect in June 2020 for audits, reviews, and attestation engagements. This course will focus on the key changes ranging from independence, quality control, and peer review, waste and abuse, and Yellow Book CPE requirements. This will cover the major changes from the 2011 version and how these changes will impact current year audits. We close with some considerations issued by GAO on how COVID19 will impact Yellow Book audits including impacts on risk assessment, evidence, and quality control.

4. Uniform Guidance Update: 

This course will keep you informed about what’s going on in Uniform Guidance including the new compliance supplement, the 2020 update to the Uniform Guidance, the GREAT Act, and how COVID19 is impacting Single Audits. We also cover internal controls over compliance. Based on an AICPA Enhancing Audit Quality study, 23% of all single audits subject to enhanced oversight were materially non-conforming with professional standards due to failure to properly test controls over compliance. This course will help firms understand how to better document testing of controls to reduce deficiency rates while keeping attendees up to date with the information they need to perform Single Audits in these changing times.

Webinar Qualifies for

  • 4 CPE credit of Accounting (Governmental) for all CPAs
  • 4 CPE credit of Auditing (Governmental) for all CPAs
  • 8 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • To recognize the 3 indicators of a barrier in a conditional contribution
  • To analyze a transaction to determine if it is a fiduciary activity
  • To list changes in the 2018 Yellow Book
  • To describe the proposed changes to the Uniform Guidance

About Presenter

Melisa Galasso, CPA

Owner,Galasso Learning Solutions

melisa@galassolearningsolutions.com

Melisa Galasso, CPA, is the founder of Galasso Learning Solutions LLC. With over 15 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. She also supports essential professional development, public speaking, and business skills. Melisa closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.

Melisa earned the Association for Talent Development (ATD) Master Trainer™ designation. She is a member of and frequent instructor for the American Institute of Certified Public Accountants (AICPA), the North Carolina Association of Certified Public Accountants (NCACPA), and the Virginia Society of Certified Public Accountants (VSCPA).

Melisa was appointed in 2016 to the AICPA’s Technical Issues Committee (TIC), which is responsible for monitoring the activities of the various accounting and attestation standard-setting boards and submitting comments and recommendations during the due process phase. Melisa is also currently serving on the Board of Directors for the VSCPA. Previously, she served as President of the Board of NCACPA’s Charlotte Chapter, Chair of the A&A Committee for the NCACPA, and held several leadership positions with the VSCPA.

Melisa received the 2013 Women to Watch – Emerging Leader Award from the NCACPA and AICPA. She is a graduate of the 2014 class of the AICPA’s Leadership Academy. In 2016, Melisa was honored as one of the 50 Most Influential Women by the Mecklenburg Times and received the Top 5 Under 35 Award from the VSCPA. She received a 5.0 Speaker award from the NCACPA in 2015, 2016 and 2017. In 2016, Melisa received the Don Farmer Award from the NCACPA for the highest combined average scores on knowledge, skills, and materials from participant evaluations for all courses taught in a technical area. Melisa is a 2017 and 2018 recipient of the AICPA’s Outstanding Discussion Leader award which is given to the top 10% of all AICPA facilitators around the country.

Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia. She received a Bachelor of Science in Business Administration with a concentration in Accounting and International Business from Georgetown University.

Continuing education for CPAs should be impactful, relevant, and engaging, so using our proven Galasso Learning Solutions (GLS) process, I am committed to providing Continuing Professional Education (CPE) to firms and entities that fulfill real educational requirements for growth and excellence — not just for the sake of compliance.

As Founder and CEO of GLS, I design and facilitate courses in advanced technical accounting and auditing topics. Since GLS values a commitment to excellence in CPE, I closely monitor regulatory bodies for changes in auditing and accounting guidance and serve as a subject matter expert in implementing the updated guidance.

I’m driven by clients who are motivated to invest in high-quality custom training for their members. As my training practice continues to grow through in-person instruction, live webinars, and on-demand replays, so grows my commitment to the core values that set apart GLS in the first place.

GLS has set out to be a positive force in the accounting profession by empowering other CPAs with quality continuing education and through servant leadership in support of an ever-changing profession.

"Melisa is one of the most knowledgeable trainers we have ever brought in to our firm to present. Her technical knowledge is obvious and her being plugged in to FASB, GASB, AICPA and all the pertinent organizations that affect our profession make her stand above the rest. We very much look forward to her next visit.” - Annie M. Yoder, CPA/CFF, CFE | Principal | Rea & Associates, Inc.

HIGHLIGHTS: Association for Talent Development (ATD) Master Trainer™| Certified Professional in Learning & Performance (CPLP) | AICPA Technical Issues Committee member | VSCPA Board Member | CPA Practice Advisor “40 under 40” 2017, 2018 & 2019 | Charlotte NAWBO 2019 Rising Star

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:15
  • Question 6 : 01:30
  • Question 7 : 01:46
  • Question 8 : 02:00
  • Question 9 : 02:15
  • Question 10 : 02:30
  • Question 11 : 02:45
  • Question 12 : 03:00
  • Question 13 : 03:15
  • Question 14 : 03:30
  • Question 15 : 03:45
  • Question 16 : 04:00
  • Question 17 : 04:15
  • Question 18 : 04:30
  • Question 19 : 04:45
  • Question 20 : 05:00
  • Question 21 : 05:15
  • Question 22 : 05:30
  • Question 23 : 05:45
  • Question 24 : 06:00
  1. While evaluating the terms of an agreement which one of the following should you consider?
  2. Contribution received guidance does not apply to which one of the following?
  3. Which one of the following is a component of a donor imposed condition?
  4. Which one of the following is an example of specific outcome or output?
  5. A transfer of assets that is a conditional contribution is accounted for as a refundable advance until __________________________________.
  6. __________ is an agreement for which all the revenue or expenses have been recognized before the effective date in accordance with current guidance.
  7. In the transition which one of the following should be disclosed?
  8. Which one of the following is a specific requirement that should be analyzed to determine in a grant agreement?
  9. The original effective date for the all entities other than public entities for the ASU 2014-09 Revenue from Contracts with Customers (Topic 606) for annual period was which one of the following?
  10. Which one of the following correctly represent the background for the ASU 2019-03 in the opinion of the speaker?
  11. ________ does not require recognition of contributions of works of art, historical treasures, and similar assets if the donated items are added to collections and meet the three conditions?
  12. Once the load is in part or wholly forgiven and legal release is received a ____________ entity would reduce the liability by the amount forgiven and record a gain on extinguishment.
  13. The earnings impact of a gain consistency is recognized when _____?
  14. In the ASU 2018-08, nonprofits have which one of the following application barriers?
  15. In lessee accounting, at the commencement which one of the following is recognized?
  16. According to GASB 90 issued in August 2018 for Majority Equity Interests, which one of the following is true for assets representing the government’s equity interest?
  17. Government Accounting Standards 2018 Revision supersedes which one of the following?
  18. Which one of the following ensures the selection of individuals of integrity having the capacity to develop the competence and capabilities necessary to perform the audit organization’s work and possess the appropriate characteristics to enable them to perform competently?
  19. According to paragraph 4.31 internal specialists who perform work in accordance with GAGAS as a part of the engagement team are considered which one of the following?
  20. According to COVID-19 CPE changes: For 2-year CPE periods that end February through December 2020, auditors who have not completed 80 hour or 24 hour CPE may have up to ________ months immediately following 2-year period to make up the deficiency.
  21. Which one of the following is a main goal of the 2020 Uniform Guidance?
  22. Which one of the following are the executive orders encouraging to maximize the use of materials produced in the United States?
  23. As a COVID-19 impact, awarding agencies may allow recipients to delay the completion and submission of the Single Audit report up to ____ months beyond the normal due date.
  24. Auditors use the compliance supplement as a ______.
  1. The guidance about distinguishing between contributions and exchange transactions apply to ______.
  2. Which one of the following can be used to represent contribution revenue?
  3. A probability assessment about whether the recipient is likely to meet the stipulation is not a factor when:
  4. A barrier often places a specific requirements on an organization about the use of the ___________________ to be entitled to those assets.
  5. Which one of the following is an example of measurable performance-related barrier?
  6. Which one of the following is an example of stipulations that are related to the purpose of the agreement?
  7. In cases of ambiguous donor stipulations, a contribution containing a stipulations that are not clearly unconditional are presumed to be ___________.
  8. A cost-sharing provision should be considered a barrier if entitlement to grant funds is contingent on the recipient meeting a cost-sharing requirement.
  9. ASU 2014-09 Revenue from Contracts with Customers (Topic 606) was issued in ______.
  10. ASU 2014-09 Revenue from Contracts with Customers (Topic 606) will replace which one of the following?
  11. As per the current definition of collection, which one of the following is included?
  12. ASU 2019-03 impacts which one of the following entities that maintain collections?
  13. According to ASU 2019-03, if a collection-holding entity has a policy that allows proceeds from deaccessioned collection items to be used for direct care, then ___________.
  14. NFP can subsume into goodwill and amortize customer-related intangible assets that are not capable of being sold or licensed independently from the other assets of a business and all noncompetition agreement required.
  15. According to GASB 84 Fiduciary activities are effective for the reporting periods beginning after _______.
  16. For the non-component units (non-pension) the assets are not derived from?
  17. Own-source revenues includes which one of the following?
  18. Which one of the following is an example of administrative involvement?
  19. Governments with activities meeting the criteria should present which one of the following in financial statements?
  20. A lease possesses which one of the following?
  21. A lease term should be reassessed only if:
  22. A lease at the commencement has a maximum possible term under the lease of ______ or less including options to extend regardless of their possibility of being exercised.
  23. Which one of the following is the remeasurement exceptions the speaker discusses in lessee accounting?
  24. A lease asset is the sum of:
  25. GASB 90 Majority Equity Interests: an amendment of GASB statements No. 14 and 61 was issued in which one of the following?
  26. In government auditing standard 2018 revision the number of chapters increased to which one of the following?
  27. If the auditors conclude that preparing a financial statements in their entirety form a client-provided trial balance or underlying accounting records creates significant threats to auditors’ independence, then what should the auditor do?
  28. Determining whether services are significant threats and required safeguards is a matter of which one of the following?
  29. Which one of the following is a relevant factor in evaluating the significance of any threats created by providing services?
  30. Which one of the following is the paragraph discussing the New Safeguards ensuring independence for Nonaudit services?
  31. Which one of the following procedure give due recognition and reward to developing and maintaining competent personnel?
  32. According to paragraph 5.21 policies and procedures, which one of the following is an objective of audit organization’s HR policies and procedures may include?
  33. According to Paragraph 6.22 which one of the following is an example of waste?
  34. Which one of the following describes the safeguard?
  35. Which one of the following is risk the auditors are required to check on as per COVID-19 GAGAS Audit Alert?
  36. The 2020 compliance supplement provides guidance on how to report COVID funding on the SEFA by identifying which one of the following?
  37. Which one of the following is the strategy to achieve 2020 Uniform Guidance?
  38. Which one of the following is a new section emphasizing the importance of focusing on performance to achieve results under 2020 Uniform Guidance?
  39. As a COVID-19 impact, awarding agencies should allow grantees to delay the completion and submission of the Single Audit report to ____ months beyond the normal due date.
  40. The auditor should plan the test of internal control for major programs to support a low assessed level of control risk for the assertions relevant to the compliance requirement for each major program.

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

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  • CS
    Carol Shepherd , CPA
    Oct 17th 2020
    Excellent, excellent webcast! The presenter was extremely knowledgeable and he thoroughly covered all the material in the slides. This webcast was a very good Cost Accounting refresher course. I will be using the detailed slides for reference purposes.

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register
  • Cost $120
  • CPE Credits 8
  • Subject Area Auditing (Govt.) (4 Credit)
    Accounting (Govt.) (4 Credit)
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date October 28 ,2020
  • Who should attend? Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm CPA (Industry) Auditors Young CPA CPA in Business Tax Accountant (Industry) Accounting Practice Owners Senior Accountant VP Accounts Accounts Director Cloud Accountants Entrepreneurial Accountant Accounting Managers Staff of Accounting Firm
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register