Today's Date April 19, 2025
Accounting

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!

If you are looking for more great content, consider our Webcast offerings for CPE credit.

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Proposed Updates to Accounting for Internal-Use Software

Proposed Updates to Accounting for Internal-Use Software

With the rise of agile development and modern technology, it’s time to ditch the old stage-based approach and embrace updates that better reflect how software is developed today.  Here’s what’s proposed: 1) Modernization: Streamlined accounting rules for internal-use software (Subtopic 350-40) that align with contemporary methods. 2) Transparency: Improved visibility into cash flows tied to software costs for smarter investor insights. 3) Clarity: Simplified guidance that brings website development costs under the same umbrella. The comment deadline is January 27, 2025.

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GASB Implementation Guidance Update 2025 – Exposure Draft

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.

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2024 Year in Review

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.

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GASB Infrastructure Assets – Preliminary Views

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!

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FASB’s New Proposal on VIE Acquirers

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!

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MONEY MATTERS

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.

Jaclyn Veno CPA | Auditing Level Training | CPE

Melisa Galasso, CPA, CSP, CPTD

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.