We hope you had a wonderful Thanksgiving! In November, we saw lots of appointments. The FAF named three new members to the Board of Trustees. They also appointed Catherine Shakespeare to the FASB. They issued two final standards—ASU 2025-08: Financial Instruments—Credit Losses (Topic 326): Purchased Loans and ASU 2025-08: Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. They met 3 times this month on topics ranging from the equity method & renewable energy partnerships to digital assets. They also had a Public Markets Advisory Committee Meeting. We are still expecting a few more ASUs this year. Anyone want to guess how many final ASUs will be issued in 2025? We’ll know next month!
During the November GASB Board Meeting, the Board advanced key components of the Revenue and Expense Recognition project, focusing on non-monetary consideration across both Category A and B transactions. The discussions centered on bifurcation, measurement approaches, and how donated capital assets and commodities should be valued. The Board affirmed several staff recommendations, including using acquisition value for donated assets, measuring non-monetary consideration at fair value at contract inception, and treating subsequent adjustments as changes in estimate or gains/losses.
The Auditing Standards Board met from November 4-6 to focus on its strategy. They also reviewed feedback from their confirmations and attestation standards proposals. Their next meeting will be in 2026!
The Professional Ethics Executive Committee (PEEC) met on November 4 & 5. Their meeting included a vast number of agenda items, including alternative practice structures, with a focus on private equity, engagements subject to SSAEs, group audits, artificial intelligence, and Federal Acquisition Act and preventing organizational conflicts of interest.
Finally, the Department of Health and Human Services has issued its Adoption of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. And as we announced last week, OMB FINALLY issued the 2025 Compliance Supplement on November 25th. A little Thanksgiving reading opportunity. Our team has dug into the final version, and so far, there are no material differences between the draft and the final version. If there are any found, we will definitely let you know!
