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.
GASB ED: Certain Risk Disclosures
The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022.
ESG Merger Completed
This week marked a major consolidation in the ESG standard setting arena. The IFRS Foundation completed its consolidation of the Value Reporting Foundation (VRF). The IFRS Foundation is the parent entity to the IASB who writes IFRS. It will now also be the parent to the new International Sustainability Standards Board’s (ISSB) which is working to develop a comprehensive global baseline of sustainability disclosures for the capital markets and will leverage the resources of the VRF as part of this consolidation.
Proposed ASU: Transition for Sold Contracts (Long Duration Contracts)
The FASB has issued a proposal to address transition for insurance entities in applying ASU 2018-12. The proposal addresses the requirements to apply the new standard to contracts that have been sold. This is a very niche standard so comments are due August 8.
AICPA Proposes Changes to CPA Exam Blueprint
The AICPA has provided more details about the upcoming transition for the CPA exam which is scheduled for January 2024. The new blueprint provides details on the types of skills expected of newly licensed CPAs as well as the design of the exam. Comments are due September 30th.
Q2 2022 In Review
The second quarter of 2022 is behind us and it was a very busy one for standard setters. The AICPA issued its suite of standards related to quality control. They also issued a SAS related to NOCLAR, which corresponds to changes recently made to the ethics requirements. GASB issued 3 final standards in Q3 and FASB issued 1 final standard.
PEEC Conforming Amendments
The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed changes to a few interpretations to align the verbiage around ownership with previously issued interpretations related to loans. The proposed changes address three sections of the ethics code. Comments are due July 5.
Ethics Interpretation Proposal: Compliance Audits
The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID-19 related funding is causing many entities who have no been subject to audit requirements or single audit requirements historically to now be subject to them. They add 2 definitions and revise the definition of financial statement attest client to help identify which independence rules apply to these engagements. Comments are due September 1, 2022.
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