Ethics Technical Correction: 529 Plans
The initial guidance for 529 plans was issued back in 2005. Since then, there has been significant changes to how plans are run. The AICPA’s Professional Ethics Executive Committee had received feedback and in the Work Plan looked at reevaluating the area. In September 2022, they issued a technical correction to make the safeguard easier to apply for holders of 529 plan investments.
Q3 2022 in Review
Quarter 3 of 2022 is in the books. We’ll review the accounting and auditing (and ethics) standards issued by standard setters this quarter.
GAO: Government Efficiency and Effectiveness Report
GAO has issued their annual report about ways the federal government can reduce inefficiencies and redundancy across a wide variety of programs and departments. The report gives a status update on the 1,299 actions GAO has recommended since 2011 to address billions of dollars in inefficient and duplicative spending.
2022 FASB Investor Outreach Report
The FASB has issued their 2022 Investor Outreach Report detailing their interactions with investors throughout the 7/1/21 – 6/30/22 period. It provides details on the advisory groups with investors as well as the feedback from the ITC for agenda consultation.
Revised Statements on Standards for Tax Services Proposal
The AICPA’s Tax Executive Committee has proposed changes to the Statements of Standards for Tax Services (SSTSs). The proposal has two parts. Part 1 is an Exposure Draft of proposed revisions to the SSTSs. Part 2 is an Invitation to Comment on how the AICPA could potentially introduce quality management in the tax realm. Comments are due by December 31.
Investments in Tax Credit Structures
FASB has issued a niche proposal to expand the use of the proportional amortization method to more types of income tax credit structures so long as certain conditions are met. This will help align the accounting for more types of arrangements. Comments are due by October 6, 2022.
2021 FASB Agenda Consultation Report
The FASB has issued their 2021 Agenda Consultation Report to provide an update on how the feedback received from their ITC last year influenced the current standard setting agenda. The report provides insight into the top priorities of various stakeholders and the ultimate decisions of the board based on the feedback.
Celebrating National Nonprofit Day
Galasso Learning Solutions was pleased to celebrate National Nonprofit Day and the official launch of Money Matters for Nonprofits with alumni from recent graduating classes of the ASC’s Cultural Leadership Training (CLT) Program. CLT is the only program in the region that specializes in training and placing community members on boards of nonprofit arts and cultural organizations. Before the event, Melisa had a few minutes to catch-up with Beth Allen, a CPA and business leader with deep ties to the local nonprofit community.
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