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The AICPA has issued 3 new question and answers around the implementation of the new Information System Services interpretation which will be effective in January 2023. The interpretation has been delayed twice – first due to COVID and then due to concerns around implementation. During the 2022 ENGAGE conference, AICPA staff members met with concerned individuals to better understand the concerns and the Q&As address some of the larger concerns noted.
The FASB has proposed a new standard that is intended to reduce diversity in practice related to joint venture accounting at inception. When items are contributed to a joint venture, the proposal would require the use of fair value of the items contributed. The proposal also includes new disclosure requirements. Comments are due December 22, 2022.
While the FASB continues to work on updating GAAP, they have also been diligently working on filling in the gaps in the conceptual framework. This proposal would add chapter 2 to the framework and provides guidance on what is the reporting entity for financial reporting purposes. It address the concepts of parent only, combined, and consolidated financial statements. Comments are due January 16, 2023.
After its post-implementation review, the FASB has proposed some updates to the current segment reporting requirements including requiring those entities with only one segment to provide disclosures. It also expands annual disclosures to interim reporting. Segment reporting is currently only required for public companies and the proposal continues that scope. Comments are due in December 2022.
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.
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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.
