In April 2023, standard setters maintained a slower pace to accommodate firms wrapping up busy seasons. FASB held productive meetings, redeliberating joint venture formations and software cost disclosures, directing staff to draft updates. They also discussed agenda prioritization, adding a project on induced conversion guidance to the EITF agenda. GASB discussed the classification of nonfinancial assets, tentatively deciding on criteria for assets held for sale and factors for evaluating probable sales. AICPA’s Auditing Standards Board did not convene or issue drafts but scheduled a meeting for May 16-18.

In March 2023, the FASB issued an exposure draft on cryptocurrency, and issued ASU 2023-01 on leases under common control arrangements an ASU 2023-02 on accounting for investments in tax credit structures using the proportional amortization method. AICPA released SAS No. 149 for audits of group financial statements. GASB didn’t issue new standards but accepted comments on proposed implementation guidance for GASB 96.

In February 2023, the FASB affirmed changes to lease accounting for related parties and plans to issue the new ASU by the end of March. GASB issued an exposure draft on subscription-based IT arrangements. AICPA’s SAS 149 on group audits is imminent, targeting an effective date after December 15, 2026. Concerns arose over proposed legislation in Minnesota to lower CPA licensure credit hour requirements.

In January 2023, FASB issued ASU 2022-06, extending temporary relief for reference rate reform. Opportunities arose for CPAs to engage in standard setting, with PCC and FASB seeking nominations for new members. Access to the Codification will soon be free for more users, aiding smaller organizations. GASB held meetings but issued no new standards. AICPA finalized blueprints for CPA exam changes. ARSC and ASB meetings focused on decision trees, strategic planning, quality management, and group audits.

While we haven’t quite made it to the end of 2022, there has been very little standard setting activity at this point. FASB issued ASU 2022-05, Transition for Sold Contracts to address transition issued related to changes to long-duration insurance guidance (original ASU 2018-12). We do expect that reference rate reform effective date changes will come out before the end of the year and we know that the proposed changes to the leases standard won’t be finalized until late Q1 2023. GASB and AICPA have not issued any proposed or final standards to date. We’ll continue to monitor changes from standard setters and will let you know in January if anything new should issue that you need to read about. But until then, enjoy a light year of standard setting and an early holiday present from the AICPA, GASB, and FASB!