December was eventful for standard setters, with key updates from the FASB, AICPA, and GASB. The FASB proposed ASUs on credit loss measurement for private entities and environmental credit transactions, along with an ITC on intangible assets, soliciting feedback through mid-2025. The FAF reviewed the Private Company Council, suggesting improvements to agenda and recruitment processes. The AICPA issued a new guide on Business Combinations and updated ethics guidance on recruiting services and employment with attest clients. Lastly, Barry Melancon retires as AICPA president after 30 years, with Mark Koziel stepping in as CEO on January 1, 2025.

November saw notable developments in accounting standards, highlighting the profession’s dedication to transparency, improved financial reporting, and stakeholder alignment.

The FASB issued several key updates, including ASU 2024-03 on expense disaggregation for public companies, effective in 2026, and an exposure draft addressing interim reporting disclosures. It also invited comments on whether financial KPIs like EBITDA should be standardized in GAAP statements. Additionally, a proposed standard on accounting for government grants aims to align with international practices, and ASU 2024-04 clarifies induced conversions of convertible debt.

In addition, AICPA Peer Review Board approved updates to align peer review standards with new quality management guidelines, incorporating risk-based considerations and technical clarifications. GASB also advanced its agenda, issuing exposure drafts on subsequent events and implementation guidance, while continuing to explore electronic financial reporting enhancements.

These updates reflect ongoing efforts to refine and modernize accounting standards to meet the evolving needs of the profession and its stakeholders.

October was a significant month for the GASB and FASB, with both boards advancing initiatives that affect financial reporting standards for government entities and private companies. GASB released a Preliminary Views (PV) document titled Infrastructure Assets, inviting public input on enhancing transparency around asset condition and maintenance. GASB also issued Statement No. 104, which mandates detailed disclosures for capital assets, including lease and subscription assets, and addresses new “right-to-use” asset types. On the FASB front, an October 16 meeting covered recommendations to present contract assets and liabilities on a gross basis and proposed simplifications for credit loss reporting, particularly for private companies and non-profits. Additionally, FASB added new members to its Investor Advisory Committee to bolster its advisory capabilities.

September was a busy month for the standard setters. The FASB issued two proposed Accounting Standards Updates (ASUs), one on September 25 aimed at clarifying hedge accounting guidance, particularly addressing global reference rate reform, with feedback due by November 25. On September 30, they proposed another ASU to improve guidance on share-based consideration payable to customers, impacting revenue recognition, with feedback due by November 14. Meanwhile, the AICPA and NASBA sought input on proposed changes to the Uniform Accountancy Act (UAA) to create a new CPA licensure pathway, with feedback open until December. The AICPA’s ARSC also released an exposure draft on amending AR-C section 70 for consulting services engagements. Lastly, the GASB held two meetings, approving GASB 104 on the disclosure of certain capital assets and discussing infrastructure assets and subsequent events.

In August, the FASB released its 2024 Investor Outreach Report, seeking input on top investor priorities, including financial reporting disaggregation, ESG-related transactions, digital assets, and financial KPIs. On August 16, the FASB and the Accounting Standards Board of Japan held their 34th meeting in Norwalk, CT, continuing their efforts to develop global accounting standards. From August 20-22, the GASB met to discuss topics like infrastructure assets, revenue recognition, and its technical plan, with another meeting scheduled for September 9 to discuss nonfinancial assets. On August 13, an AICPA-supported letter urged the Department of Homeland Security to include accounting in the STEM Designated Degree Program List, potentially attracting global talent to U.S. accounting programs.