This past week found our regulatory agencies working hard to address COVID-19.
- OMB expanded its administrative relief to entities impacted operationally by current conditions
- The AICPA provided guidance on how to audit inventory when you can’t be on site.
- The SEC provided disclosure guidance to address COVID-19
- GASB has indicated potential delays of two major standards in response to operational issues
- FASB has worked with the federal agencies to address loan modifications and TDRs in light of banks helping customers dealing with COVID-19 fallout
- Standard setting might be on hold while they take time to address evolving situations
FASB Statement on Prudential Regulator Guidance Concerning Troubled Debt Restructurings: https://fasb.org/cs/Satellite?c=FASBContent_C&cid=1176174374016&pagename=FASB%2FFASBContent_C%2FNewsPage
GASB to Consider Postponing Effective Dates of Certain Statements and Implementation Guides: https://gasb.org/cs/Satellite?c=GASBContent_C&cid=1176174387147&pagename=GASB%2FGASBContent_C%2FGASBNewsPage
How Auditors Can Test Inventory Without a Site Visit (Journal of Accountancy): https://www.journalofaccountancy.com/news/2020/mar/auditing-how-to-observe-inventory-during-coronavirus-pandemic.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=26Mar2020&utm_content=button
CF Disclosure Guidance: Topic No. 9 (SEC Division of Corporation Finance): https://www.sec.gov/corpfin/coronavirus-covid-19
OMB Memo: Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations: https://www.whitehouse.gov/wp-content/uploads/2020/03/M-20-17.pdf
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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.