The Genuine Learning Newsletter – Your Resource for Professional Excellence!
Don’t miss out on the opportunity to elevate your professional journey. The Genuine Learning Newsletter helps you stay informed, inspired, and at the forefront of the accounting industry. Packaged with essential updates, insightful industry analysis, our exclusive video blogs, and a wealth of resources, our newsletter is your go-to source for staying ahead in the ever-evolving field of accounting and auditing.
March brought significant updates to the accounting world. The FASB issued ASU 2024-01 and ASU 2024-02, Jackson M. Day was appointed FASB’s Technical Director, the 2024 ACFE Report to the Nations was released and the SEC adopted a rule for climate-related disclosures. Read more in our March 2024 newsletter.
February 2024 was a quiet month, with no new standards but insightful meetings. The FASB delved into hedge accounting improvements on February 7, addressing feedback on proposed amendments. Discussions included identifying risk components in cash flow hedges and hedging variable risk components. On February 28, the FASB discussed profit interest awards and began redeliberation on the Purchased Financial Assets Project. The GASB remained relatively inactive, with upcoming discussions in March. The AICPA’s PEEC focused on various hot topics, aiming for convergence with the IESBA.
In January, the FASB appointed new members to its Not-for-Profit Advisory Committee (NAC) and the GASB issued Statement 102, Certain Risk Disclosures. The NAC welcomed six new members for a four-year term. GASB’s Statement 102 aims to enhance risk disclosure in government financial statements, effective for fiscal years starting after June 15, 2024. Additionally, anticipation builds for the release of the new Yellow Book and the 2024 Compliance Supplement in the coming months.
December 2023 saw significant activity from the FASB, including the issuance of two new ASUs and a proposed ASU on convertible debt instruments. ASU 2023-08 addresses crypto asset accounting and disclosure, effective for fiscal years starting after December 15, 2024. ASU 2023-09 enhances income tax disclosures, with effective dates varying by entity type. The FASB also proposed an ASU to clarify convertible debt instrument settlements. Additionally, the AICPA commented on sustainability assurance standards, and PEEC released a new interpretation on public interest entities, aligning with IFAC requirements.
In November 2023, the FASB issued ASU 2023-07, enhancing segment reporting disclosures to include significant expenses regularly provided to decision-makers. Public entities must report this information for annual periods starting after December 15, 2023. The FASB also appointed Hillary H. Salo as a new board member and reappointed Susan M. Cosper. Additionally, the AICPA adopted revised Statements on Standards for Tax Services, effective January 1, 2024, introducing a new organizational structure and three new standards focusing on data protection, tool reliance, and client representation before tax authorities.
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.
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.
