In May 2023, significant developments emerged from standard setters. FASB issued an exposure draft aiming to standardize accounting for profits interests, inviting comments until July 10. They also addressed disclosure improvements aligning with the SEC’s simplification efforts. GASB added a major project on infrastructure assets to its technical agenda, evaluating recognition, measurement, and disclosure practices. AICPA released its fourth version of plans to enhance the accounting professional pipeline, emphasizing collaboration among stakeholders. NASBA extended the CPA exam eligibility window to 30 months based on score release date, accommodating feedback from over 850 comment letters.

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.