June was a busy month for the FASB. In addition to hosting a number of sessions at ENGAGE, the FASB also held a PCC meeting, a Joint FASB/IASB Education Meeting, and an Emerging Issues Task Force Meeting. The board also met several times to prioritize its agenda, making decisions about what to add to its technical agenda after feedback on its invitation to comment.
June featured a GASAC meeting as well as a public forum on Infrastructure Assets for the GASB. The board also continued to discuss Going Concern Uncertainties, Severe Financial Stress, and Revenue & Expense Recognition.
The ASB & ARSC did not meet in June. ASB will hold its next meeting in August, and the ARSC will meet in September. In the meantime, the ASB did announce the approval of SAS 150 on External Confirmation Procedures. However, it has not been released for publication at this point.
The PEEC’s next meeting is scheduled for August. However, they did release an exposure draft on Public Interest Entities in June. Comments are due September 15.
While the 2026 Compliance Supplement has still not yet been issued, the May 2026 proposal to potentially eliminate the annual update continues to garner much attention!
The IRS Office of Professional Responsibility (OPR) issued guidance outlining how existing Treasury Circular 230 rules apply to tax practitioners’ use of artificial intelligence (AI), which has caught the attention of many CPA firms.
