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.
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!
The FASB closed November with a BIG proposal related to private companies and leases. They are proposing changes to related party guidance for related parties under common control. This is a much-awaited proposal and we encourage you to provide feedback to the FASB about this very important topic. Otherwise, November was a slow month for standard setting. No final standards were issued by any standard setter. The GASB did put out a new exposure draft, Implementation Guidance Update—2023, which provides new questions and answers in a variety of financial reporting topics. FASB also proposed a new chapter for FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting. The AICPA also put out for proposal Peer Review Standards Update No. 1, Omnibus Enhancements and Technical Corrections. We are still waiting for the issuance of a reference rate reform effective date change. We’ll continue to monitor and keep you informed.
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.
