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Accounting & Auditing Update for Small Businesses

Total Credits: 4.2 including 3 Accounting - Technical, 1.2 Auditing- Technical

Melisa F. Galasso
Course Levels:
4.2 Hour
Audio and Video



In this course, we will look at the recent activities of the FASB, the Auditing Standards Board (ASB), and Accounting & Review Services Committee (ARSC) that impact small businesses. We will discuss the impact of the new standards and how you can prepare to implement them in a practical way. The course also includes a review of private company reporting alternatives including the AICPA’s Financial Reporting Framework for Small & Medium Entities (FRFSME) and IFRS for SMEs. We’ll close with a review of ethics interpretations impacting small businesses. This course is tailored to focus on topics primarily impacting smaller entities. It does not cover some of the more complex accounting requirements not commonly found in smaller entities.

Key Topics:
Private company ASUs effective this year
Ethics interpretations impacting small businesses

Learning Objectives:
• Identify accounting standards impacting small
business financial reporting
• Describe how audit standards will impact the audits of
small businesses
• Identify reporting options for small businesses



Melisa F. Galasso's Profile

Melisa F. Galasso Related seminars and products

Founder and CEO

Galasso Learning Solutions LLC

Melisa 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 acconting and auditing topics, including not-for-profit and governmental accounting. 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. Within the industry, Melisa 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. Melisa also authors the AICPA’s State and Local Government Guide and serves as a SME for the Center for Plain English Accounting.


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