The first quarter of 2020 started much like any other year’s first quarter. Obviously, it didn’t end quite as normal.
COVID-19’s impact really only started to come into play late in the quarter. As such, we expect the brunt of the impact to come in Q2. In the first quarter, the FASB was able to issue four final standards, including the much-awaited ASU 2020-04, which addresses reference rate reform.
GASB issued the 2020 Omnibus, and the AICPA issued SSARS 25 and SAS 139.
Time will tell what happen in 2020’s second quarter. GLS hopes you are staying healthy and safe!
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa was a speaker on audit topics at SCACPA’s 2019 Fall Fest and Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.