GASB Implementation Guidance Update 2025 – Exposure Draft
The GASB recently released an exposure draft for the 2025 Implementation Guidance Update. This guidance includes Q&As that address inquiries about previously issued statements to help facilitate the implementation of new pronouncements. Comments on the exposure draft are due to the GASB by January 24, 2025.
2024 Year in Review
The number of issued standards likely hit one of the lowest points in history! This blog will review the accounting, auditing, and ethics standards issued by the FASB, GASB, and AICPA in 2024. While 2024 wasn’t busy for final standards, there was a flurry of due process documents, which means we may see an uptick in 2025.
GASB Infrastructure Assets – Preliminary Views
GASB has issued its Preliminary Views on the accounting and financial reporting for infrastructure assets and is looking for your comments on the issues. Watch this week’s genuine learning blog to learn what the preliminary views are so that you can submit your comments by January 17, 2025!
FASB’s New Proposal on VIE Acquirers
Dive into our latest Genuine Learning Blog video where we unpack the Proposed Accounting Standards Update on Business Combinations (Topic 805) and Consolidation (Topic 810). We’re shedding light on the complexities of determining the accounting acquirer when acquiring a Variable Interest Entity (VIE). This is a must-watch for professionals navigating the nuances of mergers, acquisitions, and consolidation accounting. Stay ahead of the curve and understand how these proposed changes could impact your financial reporting!
Proposed Statement on Standards for Accounting & Review Services
On September 23, 2024, the AICPA’s Accounting & Review Services Committee proposed amendments to AR-C Section 70, Preparation of Financial Statements, in AICPA Professional Standards. The proposed changes clarify that AR-C Section 70 does not apply to financial statements prepared as part of a consulting services engagement performed in accordance with CS Section 100, Consulting Services: Definitions and Standards. The comment period ends December 20. The proposed SSARS would become effective for the preparation of financial statements for period ending on or after December 15, 2026. Early implementation would be permitted.
Private Equity Pressures
Private equity is shaking things up in the audit world! With more PE money flowing into firms, we’re facing big questions about independence, ethical standards, and service quality. As the industry evolves, it’s crucial that YOUR voice is heard! That’s why NASBA is conducting a survey to gather feedback from professionals like YOU. Your insights will help shape how we navigate these changes and ensure the highest standards of integrity in our field.
AICPA Fall Council 2024
The AICPA Fall Council Meeting was one for the books! This was Barry Melancon’s last council meeting as the AICPA’s CEO and included a celebratory lunch in his honor. The Council was also introduced to Mark Koziel who will be leading the AICPA as of January 1, 2025. Updates came from different AICPA committees and departments about the pipeline, the NASBA exposure drafts, and more! Listen in to hear the latest information coming out of the AICPA.
FASB ED: Share-Based Consideration Payable to a Customer
The FASB has issued a proposal to clarify accounting for share based payments to customers to reduce diversity in practice. Comments are due November 14th.
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