Are you interested in what’s going on at the FASB and GASB? Then this section of the blog is for you. We’ll look at the active projects of these financial reporting standard setters and maybe a few other interesting topics that are important for CPAs!
Stay up to date with GLS! In this episode, Jaclyn Veno breaks down the latest FASB exposure draft on paid-in-kind dividends for equity-classified preferred stock. Learn what paid-in-kind dividends are, why this new guidance is important, key details from the proposed amendment, and how the changes could impact your accounting practices. Perfect for CPAs seeking practical insights and timely updates on current FASB developments.
Get the latest updates from the 2025 AICPA Fall Council meeting in Denver, Colorado. Alex Romero shares key takeaways and highlights from two days of industry discussions and future-focused initiatives, including insights from Mark Koziel’s “Rise to the Future Together” presentation on the profession’s future, overview of the Alliance for Responsible Licensing panel and multi-industry perspectives on licensure and deregulation, highlights from guest speaker Bill Stainton on connecting opportunities and career growth, updates on the Rise 2040 initiative and worldwide facilitation sessions, state and federal advocacy updates, workforce development trends, and new licensing pathways for CPAs.
The third quarter of 2025 was packed with action from the standard setters. This blog will review the major proposals and final standards issued by the FASB, AICPA and GASB. Be in the know on what’s changing!
To help firms prepare for the December 15 deadline, the AICPA has updated its quality management resources. The revised Quality Management Practice Aid expands on SQMS No. 1 objectives, clarifies ultimate responsibility for the QM system, and addresses sole practitioner considerations. It provides deeper coverage of the eight QM components, highlighting new requirements, small-firm implementation differences, and practical tools like risk libraries and documentation templates. The aid also clarifies evaluation requirements and expands guidance on documentation. In addition, the AICPA released The Monitoring and Remediation Process for a Firm’s System of Quality Management, which offers requirements, application guidance, and tips for continuous improvement.
In this week’s blog, we explore the newly released GAAP Utilization Report from the GASB. State and local governments often have flexibility in choosing a financial reporting framework, but what drives that decision? This report offers valuable insights into the factors that influence whether governments adopt GAAP or rely on alternative frameworks. The research highlights key trends across states, counties, municipalities, and special districts, including which states require GAAP and what conditions increase the likelihood of GAAP adoption.
FOR NONPROFITS
Money Matters for Nonprofits demystifies financial statements and basic accounting, empowering nonprofit board members to better advise their organizations and make an even greater difference in the world.
Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.
Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.
Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.
She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.
Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.
