It’s been a slow start to 2026, which, for many people, has been a welcome pace! On February 9th, the FASB appointed a new EITF member. Todd Castagno, managing director at Morgan Stanley, will replace Jack Ciesielski, who completed his term. The FASB met twice this month, discussing topics such as hedge accounting, goodwill, and accounting for commodities. No ASUs have been issued so far in 2026. The Private Company Council (PCC) is scheduled to meet next week.
At its February 10-11 meeting, the GASB approved the release of an exposure draft of an Implementation Guide focused on financial reporting model improvements related to subsidies (Statement 103), which was released on February 25. The Board advanced deliberations on the Infrastructure Assets project and continued discussions on the going concern/severe financial stress project, including terminology and stakeholder feedback. Members also reviewed pre-agenda research on cybersecurity risk disclosures to explore potential areas for future financial reporting guidance. In addition, the Board continued deliberations on its Revenue and Expense Recognition project, focusing on allocation principles for binding arrangements and refining key terminology related to consideration and entitlement, with collectability discussions planned for a future meeting.
This month, PEEC had its quarterly meeting on February 18 and February 19. During their public meeting on February 18, they had a lively discussion on the tax services proposed interpretation, where they reviewed comments received from stakeholders, discussed the principles-based approach, and the more likely than not threshold. They also discussed other key projects and issues like firm mergers and acquisitions, public interest entities, and engagements subject to SSAEs. They wrapped up their meeting with a review of projects on IESBA’s agenda. Their next quarterly meeting is scheduled for May 19.
