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April 2025 Newsletter
April 30, 2025
On April 1, the FASB issued a Staff Educational Paper clarifying how to apply revenue recognition guidance to construction contracts with retainage provisions, leading the PCC to remove a related project from its agenda. The FASB finalized guidance on derivatives and is meeting again to discuss CECL, Purchased Financial Assets, and Paid-in-Kind Dividends on Preferred Stock, with two final ASUs and a proposal on debt exchanges expected this quarter. The GASB had a quieter April but held meetings this week to discuss the 2025 Implementation Guidance Update, Infrastructure Assets feedback, revenue and expense recognition, and a technical plan for the remainder of 2025. GASB’s meetings will conclude on May 1 with a joint session with the AICPA's State and Local Government Expert Panel. The ASB did not meet in April but has a three-day meeting planned for May to address its fraud proposal and a significant SSAE update, with FinREC also meeting in New York next month. The PEEC did not meet in April but has two upcoming meetings in May, so additional updates are expected soon.
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On April 1, the FASB released a Staff Educational Paper that addresses questions about how to apply revenue recognition guidance about presentation and disclosures to construction contracts that contain retainage (or retention) provisions. Originally, the PCC had thought standard setting was going to be required, but ultimately, it was decided that the paper would provide the needed guidance, and the PCC removed the project from its agenda. The FASB met as a board once so far in April, finalizing guidance for changes to derivative scope. They are also meeting again today to discuss CECL and Purchased Financial Assets, as well as Accounting for Paid-in-Kind Dividends on Preferred Stock. We expect two final ASUs this quarter as well as a proposal on Accounting for Debt Exchanges. So stay tuned for more standard setting!

The GASB had a relatively quiet April. The Board convened yesterday, with meetings continuing today and tomorrow. Yesterday’s session focused on reviewing and considering approval of the preballot draft of the 2025 Implementation Guidance Update and redeliberating on issues raised in response to the Infrastructure Assets Preliminary Views. Today, the Board will continue discussions on the Revenue and Expense Recognition Project, review public comments on the Subsequent Events Exposure Draft, and consider the proposed technical plan for the second third of 2025. The Board will conclude its meetings on May 1 with a session alongside the AICPA’s State and Local Government Expert Panel, focusing on areas of common interest within the state and local government sector.

The ASB did not meet in April but has a three-day meeting scheduled for May. The meeting is expected to focus on the ASB’s fraud proposal as well as an upcoming SSAE to make significant changes to the attestation standards. We’ll provide an update next month on the expected fraud ED. FinREC will also meet in May, and Melisa will be in attendance to provide more updates next month.

As with the theme of AICPA committees, the PEEC did not meet this month but has two important meetings scheduled for May so stay tuned!

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Jaclyn Veno CPA | Auditing Level Training | CPE

Melisa Galasso, CPA, CSP, CPTD

Melisa F. 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 accounting and auditing topics, including not-for-profit and governmental accounting.

Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.

Melisa is a Certified Speaking Professional, 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.

She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.

Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. 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.