April saw limited activity from standard setters. The FASB made appointments to committees, including the Investor Advisory Committee and the Small Business Advisory Committee. Additionally, the Emerging Issues Task Force (EITF) welcomed new members. The FASB’s Private Company Council (PCC) discussed potential research areas, such as debt modifications and lease accounting simplifications. GASB planned to review a draft of the final post-implementation review report for Statements No. 67 and No. 68 on May 6. Overall, April was marked by committee appointments and preliminary discussions on accounting topics.

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.