
June 2025 Newsletter
June 2025 brought fewer standard-setting developments than expected. The long-awaited 2025 Compliance Supplement remains unreleased, and no ASUs were issued by the FASB, despite earlier expectations—now delayed to Q3. FASB did hold meetings on government grants and interim reporting. GASB released Implementation Guide No. 2025-1, addressing key topics like leases, compensated absences, and financial reporting improvements, while also advancing projects on revenue recognition, subsequent events, and digital taxonomy. PEEC issued an exposure draft clarifying independence requirements for SSAE engagements, with comments due by September 5. Although the Auditing Standards Board approved a draft on fraud considerations, it has yet to be published. All signs point to a packed Q3—stay tuned!