In November, the standard-setting world stayed busy: the FAF announced new trustees and appointed Catherine Shakespeare to the FASB, which also issued two final ASUs and held multiple meetings on topics from equity method updates to digital assets. GASB advanced its Revenue and Expense Recognition project with decisions on non-monetary consideration and valuation of donated assets. The Auditing Standards Board met to refine its strategy, while PEEC tackled a wide slate of ethics topics, including alternative practice structures, AI, and group audits. Meanwhile, HHS issued its updates to Uniform Guidance, and OMB finally released the 2025 Compliance Supplement—so far showing no material changes from the draft.

Happy Halloween! This month, the FASB met four times, covering topics from not-for-profits and leases to digital assets, with no proposals currently out for comment but six ASUs expected by year-end. GASB and GASAC discussed revenue recognition, infrastructure reporting, and emerging issues like environmental credits, while the FAF introduced new leadership and educational initiatives. The ASB will meet next week on confirmations, sustainability attestation, and its 2026–2030 plan; the ARSC met October 30 on AT-C Section 210. PEEC issued no new guidance but meets November 4–5, and the 2025 Compliance Supplement remains delayed due to the government shutdown.

For the first time in a long while, the FASB has no exposure drafts open for comment, though one is expected soon, along with seven new ASUs before year-end—two already issued update software guidance (ASU 2025-06) and refine derivatives scope (ASU 2025-07). GASB advanced key projects in September, including revenue and expense recognition methods, subsequent events nearing completion, and clearer definitions of infrastructure assets. The ASB reviewed feedback on attestation and confirmation exposure drafts, while PEEC issued a tax services exposure draft (comments due December 15, 2025) and new guidance on simultaneous employment effective September 2026. Meanwhile, the 2025 Compliance Supplement is still pending, with auditors instructed not to issue reports until final, and NASBA and the AICPA are seeking comments by December 16, 2025, on proposed CPE rule changes.

The FASB issued ASU 2025-05 yesterday, amending CECL guidance with a practical expedient and an accounting policy election for private companies—early adoption is permitted for financial statements not yet issued. The FASB also has four other ASUs expected in Q3 2025 and an exposure draft anticipated this month. GASB’s July meetings focused on Subsequent Events, Infrastructure Assets, and revenue recognition discussions, while the ASB released an exposure draft proposing to supersede AU-C section 240 on auditor responsibilities relating to fraud, with comments due October 3. PEEC is preparing for its August meeting on AI, sustainability, digital assets, and quality management, and the profession continues to await the 2025 Compliance Supplement. Meanwhile, NASBA and the AICPA issued the Ninth Edition of the Uniform Accountancy Act, adding a new CPA licensure pathway and shifting from state-based mobility to individual practice privilege, with more details coming in an August blog.